Shoppers Stop MD Rajiv Suri resigns amid Covid-19 crisis

Shoppers Stop, the country’s oldest department store chain, has seen a top level rejig, with Rajiv Suri (57), managing director (MD) and chief executive officer (CEO), stepping down on Friday. His resignation is effective August 25, the company said in a stock exchange filing.

The retailer said an expert CXO committee would run day-to-day operations in the interim period.

Suri’s exit follows a challenging period, triggered by the Covid-19 pandemic and a national lockdown announced in March. The company reported a 10 per cent decline in revenue in the March quarter, prompting it to shut under-performing stores and lay off nearly 15 per cent of its 7,500-strong workforce across the country. The firm has 89 department stores across 44 cities in India. It also 11 premium home concept stores under Home Stop brand and 132 beauty stores.