EDMONTON, B.C., Canada, Jan. 11, 2012 /CNW/ - XS Cargo, one of the leading broadline closeout retailers in Canada with 43 stores in 8 provinces, today announced that Duncan Reith has joined the company as President and CEO. Most recently, Mr. Reith was the Senior Vice President, Merchandising, of the publicly-traded Canadian Tire Corp., where he was responsible for all merchandising functions for the home, hardware and sports & recreation businesses for the $7.5 billion Canadian Tire retail store division.
Prior to Canadian Tire, Mr. Reith spent 6 years at Sobeys Inc. in various operations, merchandising and general management roles including Chief Merchandising Officer. Mr. Reith also served as Chief Merchandising Officer 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," said Mr. Reith. "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. Commenting on the hire, Billy Logan, director of XS Cargo and partner of KarpReilly notes that, "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."
Mike McKenna, who has served as President and CEO since founding the company in 1996, will retire from the position of CEO but will remain active to ensure a smooth transition. Mr. McKenna has previously announced his intention to retire upon the hiring of a new CEO and was actively involved in the search process.
About XS Cargo
XS Cargo is one of the largest broadline closeout retailers in Canada. XS Cargo opened its first store in Edmonton, Alberta in 1996 and currently operates 43 stores throughout Ontario, Newfoundland, Nova Scotia, New Brunswick and the four western provinces. The Company sells a broad range of quality brand name products including consumer electronics, small appliances, housewares, furniture, home decor, personal care, luggage and tools at a significant discount to regular retail prices. XS Cargo's merchandising philosophy is to offer "Nothing But Bargains" in its retail stores and to compete with general retailers on an item-by-item basis solely on price.
About KarpReilly, LLC
KarpReilly, LLC is a private investment firm, whose primary mission is to partner with premier small to mid-size growth companies and help them achieve their long-term vision. KarpReilly currently manages funds and affiliates with initial capital commitments totaling $310 million. Over the past 15 years, the principals of KarpReilly have invested in, sat on the boards of and nurtured over 25 consumer growth companies. Among the notable discount and closeout retail companies that the principals of KarpReilly have invested in are Dollar Tree Stores, Ollie's Bargain Outlet, and Bob's Discount Furniture among others. For more information, please visit www.karpreilly.com.
Media Contact: Chris Tofalli, Chris Tofalli Public Relations, +1-914-834-4334
SOURCE XS Cargo
For further information: