Matalan - comment

When we read the Matalan news this morning, initial feelings were of alarm and confusion. The company has been going in the right direction, and seeing the COO leave so shortly after the CEO could be interrelated in more than one way. Anyhow, it seems Phil Hackney seems to be transitioning orderly, with a new position starting in a month. He is speaking unnecessarily highly of his time at Matalan for someone who might be departing on bitter terms. So we decide not to read anything into it. It's Back-To-School season - Christmas for Matalan - so let's focus on that.