WOOLWORTHS: Boss to depart

Chief executive, Trevor Bish-Jones, to step down following a further decline in the retailer's sales, according to a report.
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Woolworths has said its chief executive is to step down, after it was agreed it was an "appropriate time" for a new leader, according to the BBC.

The retailer reported group sales were down 1.9 per cent in the 19 weeks to June 14th, while like-for-like sales at its High Street stores were down 2.2 per cent.

In addition it also said it was selling four of its London stores to Waitrose, raising £25.5 million in cash.

"We believe that the spending power of many consumers will be reduced by a number of factors including rising energy and food prices," the firm said in a statement.

Bish-Jones will remain in his position for three months while a replacement is sought.

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