Troubled online sport apparel retailer Surfstitch, which slipped into voluntary administration four months ago, no longer has a chief executive.
The retailer’s administrators from FTI Consulting have announced that Mike Sonand will cease his role CEO as of Friday and will not be replaced at this time.
Mr Sonand will continue as a director of Surfstitch while Surfstitch’s managers, supported by the administrators, will continue to operate the business.
The Supreme Court of NSW has granted the group an extension of the administration process with a second creditors meeting now set for April.
The ASX-listed company’s shares have been in a trading halt since May after disgruntled shareholders launched a class action, accusing the company of misleading investors with its financial forecasts.
The loss-making retailer’s non-operating entities, Surfstitch Group and Surfstitch Holdings, went into voluntary administration in August.