(Reuters) - British clothing retailer N Brown Group Plc (BWNG.L) said its chief executive Angela Spindler would step down at the end of September, three months after announcing plans to close all its stores and move online due to a tough retail environment.
Steve Johnson, the chief executive for N Brown’s financial services business, would serve as interim CEO, according to a statement by the company, which targets women over 30 and specialises in larger sizes.
“We recognise that now is an appropriate time to search for a new leader who can take the business forward through the next phase of its development,” Chairman Matt Davies said.
Many British retailers, including N Brown, Marks & Spencer (MKS.L) and House of Fraser, have shut shops amid fierce competition from online retailers such as Amazon (AMZN.O), a squeeze on consumer budgets and a change in Britons’ spending habits away from fashion and toward holidays and entertainment.
Johnson joined N Brown in February 2016 from online retailer Shop Direct, where he served as the financial services product and marketing director, the company’s website said.
Shares in N Brown, which owns JD Williams, Simply Be and Jacamo, were down 2.2 percent at 155.6 pence by 1010 GMT. Its shares have slumped more than 40 percent this year.
Reporting by Shashwat Awasthi and Muvija M in Bengaluru; Editing by Jason Neely and Edmund Blair