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Torex Retail loses two more directors

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Torex Retail said goodbye to two more directors late yesterday.

The Oxfordshire-based software company came unstuck when a trading update, which said everything was fine, was quickly followed by a profits warning last month. Shares in the firm are suspended while KPMG tries to make sense of the company's accounts.

Torex chairman Christopher Moore stepped down after the company issued its surprise profit warning at the end of January. Neil Mitchell stepped down from executive duties at the same time - both remain on the board.

In a statement to the London Stock Exchange, the company said:

Torex Retail plc, a leading global retail systems provider, announces that Mr Geoffrey Forster and Mr David Hallett have today resigned as non-executive Directors of the Company with immediate effect.

The Company will make an announcement about the appointment of replacement Non-executive directors in due course.

Torex has made an agreement with the banks for short-term funding of £15m and has appointed a new chairman, Steve Marshall.

It is working to sort out its books, a process that is likely to take some time.®

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