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Reith named president of XS Cargo PDF Print E-mail
Written by Michael J. Knell   

EDMONTON (16 January 2012) - Close-out specialist XS Cargo has named Duncan Reith its new president and chief executive officer, succeeding Mike McKenna, who founded the company in 1996.

XS Cargo operates approximately 43 stores across the country. According to its web site, the stores are located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia and Newfoundland. The retailer carries a selection of big ticket home goods including low-end dinettes, accent tables, occasional tables, and occasional chairs as well as promotionally priced flat screen televisions.

Prior to taking up his new post, Reith was senior vice president of merchandising for Canadian Tire Corp., where he was responsible for all merchandising functions for the home, hardware and sports and recreation businesses for CTC's retail store division.

He also spent six years at Sobeys Inc. - the publicly-held grocery chain - in various operations, merchandising and general management roles including chief merchandising officer.  Reith also served as CMO and held various other merchandising and category management positions at The Great A&P Company Limited from 1991 to 2001.

"I am thrilled to be joining the XS Cargo team," Reith said in a statement. "The opportunity to contribute to the growth of a great retail concept like XS Cargo is extremely energizing to me. For years, XS Cargo has been synonymous with quality, brand name merchandise at attractive prices. I look forward to working with the XS Cargo team as we lead the Company into its next phase of growth."

XS Cargo was acquired in June 2011 by KarpReilly LLC, a private investment firm, and a group of its affiliates for approximately $5.3 million. Prior to that, the company was an income trust and one time was reporting annual sales in the $80 million range.

Billy Logan, a director of XS Cargo and partner of the Greenwich, Connecticut-based KarpReilly noted, "Duncan brings with him the accumulated experience from working closely with world class retail brands, and he recognizes the power of the brand we have with XS Cargo. Duncan brings the operational and strategic expertise to take XS Cargo to a whole new level of performance."

KarpReilly also said McKenna will retire from the position of CEO but will remain active to ensure a smooth transition. McKenna has previously announced his intention to retire upon the hiring of a new CEO and was actively involved in the search process.

KarpReilly also has interests in other home goods-related retailers including Bob's Discount Furniture, a furniture retailer with 48 stores throughout the New England states.

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Picture of the Day
LazyBoy-Award-Bennetts (PD02Jul14)

Marlaine (far left) and Eric Bennett, owners of Bennett’s Home Furnishings are seen here accepting their award as the leading multi-store Comfort Studio dealer in North America in 2013 from Bob Ireland, vice present of La-Z-Boy Canada. Looking on (at right) are Jasmine Bennett and Tyler Steeves. Click here for our report.


 

 

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