Gadsby announced his departure the week before Christmas after 15 years with the specialist retailer , saying he couldn't face continuing with the company into 2008 "under the current conditions".
Oddbins' most recent figures show a loss of £8.7 million in 2006 and last year its owner, Castel, disposed of a number of unprofitable stores and converted others to its Nicolas fascia.
Gadsby said his departure was a mutual decision and that he had no bad feelings towards the company.
He said: "The strategy of a sales director is to manage and motivate the sales team and be responsible for driving sales, but with the proposals going forward I didn't feel I could do that. I couldn't do justice to the job. I didn't think I could take it any further with the way things were."
Oddbins was not available for comment on Gadsby's resignation.