Bloom out at Family Dollar, Reiser named CMO

The search is on for a new president and COO at Family Dollar following the resignation of Michael Bloom amid deteriorating financial results and a 3% same store sales decline in December.

Bloom, who recently donned a disguise to appear in an episode of the CBS show "Undercover Boss," spent two years as Family Dollar’s president and COO and joined the company from CVS. In conjunction with his departure, Family Dollar elevated Jason Reiser to the role of EVP and chief merchandising officer and he will report directly to Family Dollar chairman and CEO Howard Levine. Reiser joined Family Dollar in July 2013 as SVP of merchandising after a 17-year career with Sam’s Club and by October of last year he had already been promoted to the role of SVP/lead merchandising officer.

The senior leadership moves were announced in conjunction with dismal sales results for the company's first quarter ended November 30 and a 3% decline in December same store sales which prompted the company to forecast further top line weakness and lower its profit forecast. Family Dollar said sales for its first quarter ended November 30, increased a meager 3.2% to $2.5 billion due to the addition of new stores. Same store sales declined 2.8% as fewer people shopped its stores and those who did spent less money.

Reversing those trends now falls to new head merchant Reiser wh