Friday, February 11, 2011

Chief of Blacks, Gills decide to step down

The chief executive officer of the Blacks Leisure, Neil Gills, is known to be resigning from the group of outdoor retail. The decision of resignation came just 2 weeks after the termination of the process of selling the company. Gills will resign from the retail chains of the Blacks & Millets within the next six months thus dropping the curtains on what has been tenure full of events. Neil Gills joined the company in the month of November in the year 2007. It has been under the leadership of Gills that the Blacks and Millets were the target of many approaches of a takeover. The critical financial situation of the Blacks & Millets compelled it to carry out the CVA which means company voluntary arrangement. The company voluntary arrangement i. e. CVA is a procedure of insolvency which allowed the company to reduce the number of shops by 101 and also helped the company to avoid the collapse in the year 2009.

Mike Ashley who founded the rival retail of Sports Direct was also among the suitors to buy the Blacks and Millets. Ashley made efforts of a takeover of the company twice during the tenure of Neil Gills. Thus Gills also had to deal with such difficult situations during his reign. Mr. Gills gave a statement yesterday saying that he was very proud with all that he has achieved by working with Blacks Leisure over the past three years. He also said that he had to take some difficult decisions in order to protection to the business. He tried to strengthen the company even at times which were very turbulent. He also mentioned that he looked to create a competitive and intense ambience in the outdoor retail. In spite of the efforts made by Gills the shares of the Blacks saw a decline during his tenure. The shares stood at 255.3p on the 1st of November, when he joined the company and it was at 24p as reported yesterday.

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