First it got rid of logos. Now it's losing its longtime CEO. Abercrombie & Fitch's said Tuesday that Michael Jeffries is retiring, effective immediately, as the once-hip teen clothing chain's sales decline. Jeffries is also retiring from the retailer's board of directors. He has served as CEO since February 1992, according to CapitalIQ.
The retailer — whose brands include abercrombie, Hollister Co. Gilly Hicks and its namesake — said that it has started a search for a new CEO. Abercrombie & Fitch has been looking to stock trendier clothing as its sales have weakened and teens have chosen to shop elsewhere. The company has even worked on stripping its once-prized Abercrombie logo off products as teens are now seeking more individuality in their clothing. For the fall season, the company reduced its logoed merchandise by half and previously announced plans to try and have a very minimal North American logo business in the spring. Abercrombie & Fitch has also increased its emphasis on online shopping as it looks to reshape itself.
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-- Reuters