EDMONTON - The Cash Store Financial Services Inc. (TSX: CSF) has announced sweeping changes in its executive offices and the lender of last resort seeks to reorganize under the Companies' Creditors Arrangement Act.
Edmonton-based Cash Store says effective immediately CEO Gordon Reykdal and president and chief operating officer Kevin Paetz are among top executives no longer with the company.
Also gone from the executive offices are Halldor Kristjansson, senior executive vice-president, banking and credit; Barret Reykdal, senior vice-president, retail financial services, and Michael Thompson, senior vice-president, corporate affairs
The company says its has also terminated services agreements with Bill Johnson and Dean Ozanne, two others who have held senior posts.
"Over the course of the next week the chief restructuring officer, William Aziz, will be working with members of the Cash Store Financial management team to implement a revised leadership structure," the company said in a news release.
The Cash Store is being delisted from the Toronto Stock Exchange effective Friday because it has been unable to meet the continued listing requirements of the exchange.
Trading in the stock has been halted since the company was granted creditor protection by the Ontario Superior Court of Justice under CCAA on April 14. It sought court protection to address liquidity issues caused, in part, by regulatory actions taken by the Ontario government.
Despite the delisting and its problems in Ontario, the company remains open for business and its branches continue to operate with daily lending is continuing in all jurisdictions outside of Ontario, the company said last month.
Cash Store Financial operates 506 branches across Canada under the banners Cash Store Financial and Instaloans, while Cash Store Financial also operates 27 branches in the United Kingdom.
Cash Store Financial and Instaloans primarily act as lenders to facilitate short-term advances and provide other financial services to income-earning consumers who may not be able to obtain them from traditional banks. Cash Store Financial also provides private-label debit cards.