'It was a direct hit': Monster tornado tears through Jefferson City in Missouri causing 'catastrophic damage' to the state capital and a 'mass casualty event' as authorities call in the National Guard
Shocking moment an unarmed black man walking between traffic is shot by a plain clothed officer through the closed window of an unmarked police car 'because he feared he was about to be robbed'
Mario Batali is facing indecent assault charges and two years in jail amid claims that he forcibly kissed and groped a woman at a Boston restaurant
Amber Heard wants non-consensual sharing of nude pictures punishable by up to five years in prison as she tells lawmakers in Washington DC of her devastation after 2014 iCloud leak
The wreck of the schooner Clotilda, the last ship to bring slaves to the United States from Africa is discovered in Alabama's Mobile River after 160 years
Student, 21, dies after falling 100ft from a cliff while taking photos with her boyfriend at a coastal viewpoint near a highway in Oregon
'Master please brand me': Nxivm sex cult founder Keith Raniere created a sick oath to make burning his initials into bikini lines look voluntary as other branded women held down his nude 'slaves'
Disturbing photo shows smiling 'womb raider', 46, playing the doting mom with baby she ripped from a pregnant teen - despite the hospital knowing the gravely ill child was NOT hers
Florida day care owner is arrested after a five-month-old baby girl died when he left her inside a hot van in 92f heat for FIVE HOURS
Ski patrol rescues snowboarder who was hit by an avalanche in Colorado and separated from his friend for FIVE HOURS
Revealed: Inside secretive Mormon temple in California with a 'celestial room' and mysterious 'sealing room' as landmark building opens its doors for the first time in 55 years after renovations
Your face and nipples are teeming with mites: Tiny eight-legged creatures feast on our skin oils and mate while we sleep
American Airlines pilot charged with murdering wife's lover and two other neighbors pleads NOT guilty - as his former lawyer says his bigamist 'wife' who vowed to ruin his life was his 'downfall'
Four more women accuse Tony Robbins of sexual misconduct, including one who says he pressed her hand against his genitals, as the self help guru furiously denies the allegations
How AOC served up cauliflower TACOS at the NYC Mexican restaurant where she worked - as she sparks furious row by claiming vegetable is 'colonial'
Revealed: John Walker Lindh said in 2015 ISIS was 'doing a spectacular job' after it beheaded US journalist James Foley as outrage grows over American Taliban's release from prison
Awkward! Ivanka joins Nancy Pelosi at a DC gala where they are BOTH honored - hours after the Speaker mocked 'baby' Trump for White House meeting collapse as the president slams her 'lies'
'Poor baby Pres': Pelosi accuses tantrum Trump of committing 'impeachable offenses' after he storms out of White House meeting to say he will NOT work with Democrats until they stop 'phony investigations'
Michael Avenatti is charged with defrauding Stormy Daniels by using 'doctored document to divert $300,000 she was supposed to get from a book deal'
'I told cops I appreciated the fact that I wasn't treated like Roger Stone': How Michael Avenatti was discreetly arrested at New York's Hudson Yards mall, used his one phone call to contact his mother and admits 'I flew too close to the sun'
EXCLUSIVE: Homeland Security report says Trump administration has built just 20 miles of border wall and has funding plans for another 316 – despite White House claims that it's on track for 500 by next year
Federal judge DENIES bid to block Deutsche Bank and Capitol One from turning over Trump business records, citing Congress's 'broad' powers to investigate
'People other than white men built this country': Outrage as Trump administration announces Harriet Tubman will NOT appear on the $20 bill as planned until after 2020, after Trump called ditching Andrew Jackson 'political correctness'
Michael Cohen had more than 1,000 calls and texts with company linked to Russian oligarch after Election Day, unsealed warrant applications reveal

The Reject Shop is poised to close the doors of seven of its retail outlets
The news comes after the shock announcement its CEO is set to quit the helm
The retailer recently partnered with Peter Morrissey to launch homewares range
Just two years ago, The Reject Shop opened its 350th store in Australia

By Emilia Mazza and Australian Associated Press

Published: 02:03 EDT, 23 May 2019 | Updated: 03:38 EDT, 23 May 2019

e-mail

The Reject Shop is set to close the doors of seven of its Australian retail outlets in the next month following the shock announcement its chief executive has quit.

While news of the store closures come as a shock, rumours had been circulating late last year the chain was struggling.

It's now been revealed the company has forecast a predicted loss of $2million.

Falling profits, along with increases to operational costs, have been cited as reasons why the chain is currently undergoing a restructure.

The Reject Shop is set to close the doors of seven of its retail outlets in the next month following the shock announcement its chief executive has quit

The iconic retailer which started out as a single shop in Melbourne in 1980 expanded to 350 franchises across the country in 2017.

In an attempt to revive flagging sales, the company recently made in-roads into the designer homewares market dominated by Kmart, Target and of late Aldi.

Australian fashion designer Peter Morrissey teamed up with The Reject Shop to create a collection of on-trend and affordable items to meet customer demand.

The stylish 'Home Collection' included $25 quilt covers, $45 'luxury' sheet sets, $12 bath towels, $5 hand towels and $15 throws.

The Reject Shop's battle to stay afloat - how it unfolded:

* October 2018: Profit forecasts reduced from an estimated $17.7 million to around $10 million leading into Christmas.

* November 2018: The company's stock sinks to as low as $2.02 from nearly $15 in August 2016.

* January 2019: Shares in the retailer climb up three cents to $2.75.

* February 2019: The Reject Shop urges its shareholders to reject an unsolicited takeover bid despite reporting a 40 per cent drop in first-half profits.

* April 2019: The store announces a new partnership with designer Peter Morrissey to create a collection of affordable and on-trend homewares.

* May 2019: The store announces a predicted loss of $2 million, reveals seven stores are set to close and its chief executive quits

'The reduced earnings guidance reflects a tough trading environment in the retail sector which has continued to be impacted by low consumer confidence, flat wages, increases in the cost of living and a rapidly falling housing sector,' the company said in a statement.

The company said Ross Sudano would leave 'in the near term' and general manager of supply chain, strategy and innovation Dani Aquilina had been appointed acting CEO while it searched for a replacement.

Shares in The Reject Shop, which as recently as February reiterated its expectation of a full-year profit of between $3.1 million and $4.1 million, were 6.2 per cent lower after 25 minutes of trade on Thursday and close to the 14-year trough they hit in November.

These Peter Morrissey waffle weave throws are on sale at The Reject Shop for $15 (pictured)

The Reject shop said merchandising and operational changes it had implemented in the hope of a turnaround had fallen short, with the result it now expected a loss of $1 million to $2 million.

'Gross margins have fallen as the expected benefits from sales and merchandise related initiatives have not landed with consumers during the half.'

The Reject Store has announced it will close seven of its stores, however, it's yet to announce where the closures will be

Seven stores will close by the end of June after the company was unable to negotiate 'acceptable' rents, leaving a network of 357 outlets.

It is not yet known which stores would be closing their doors.

Breville non-executive chairman Steven Fisher and Zac Midalia, who represents the Allensford group that this year tried to buy The Reject Shop, have joined the company board.