This follows his email to staff late last week.
“I’ve said a number of times that the administrator, once appointed, takes charge of the business.”
“Having two people try to do that is both confusing and a waste of money. With that in mind, I’ve agreed with Mike [Jarvis, PwC] that I will step down as CEO and the business immediately – this is my final email to you all.”
Shepherd also confirms that no buyer has been found, and that administrators are now in control. “I have signed the necessary paperwork this morning to allow the appointment of administrators,” he added, with some finality.
“Let’s be clear,” he said, “[Mike] will certainly make big changes, both to the store estate and in the office, but will be doing so with a view to creating a trading business that he can attract a buyer for.”
“As I’ve said before, the business is worth more trading than not. It’s going to be a difficult week for everyone, but the best thing you can all do is support Mike and his team, and do your best to help create the most positive outcome you can.”
Our thoughts, once again, go out to staff.