No longer the toast of the board

Richtree went public in 1997, but its stock now has a market value of about $1.6 million – considerably less than the sale value of its restaurants.

National Post
October 30, 2003

No longer the toast of the board

Jorg Reichert, chief executive at Toronto-based Richtree Inc., which operates Movenpick, Marche and Marchelino restaurants, has been suspended by the board along with his wife, vice-president Marianne Reichert. At the same time, the board has reversed the CEO’s decision to fire the firm’s chief financial officer. The Reicherts are controlling shareholders. Colin West, fired two days ago, is back as CFO and senior executive vice-president, while Matt Williams will serve as director of restaurant operations during the suspensions. Richtree went public in 1997, but its stock now has a market value of about $1.6 million – considerably less than the sale value of its restaurants.


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