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Controversial Abercrombie CEO Mike Jeffries Leaving the Company

In People, Reports, What's New by Accessories StaffLeave a Comment

People

New Albany, OH–Abercrombie & Fitch’s controversial CEO Michael Jeffries is retiring, effective immediately. In his place, the company’s board is creating an office of the chairman, led by non-executive chairman Arthur Martinez, who has been made executive chairman. Under Martinez in the office of the chairman will be COO Jonathan …

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A&F Shake Up: Chairman/CEO Position Split, New Directors Added

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New York—Abercrombie & Fifth, once the shinning star of teen retailing that has now fallen on tough times, reported a shake-up today in wake of complaints by major shareholders about the company’s executives. According to today’s announcement, Michael Jeffries, the longtime chairman/ceo, had his chairman’s position removed and Arthur Martinez, …

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Abercrombie Loses Nearly $650 Million in Value After Q2 Profit Dive

In Industry News, Reports, What's New by Jeff PrineLeave a Comment

New Albany, OH—Shares of Abercrombie & Fitch dropped 17.7%–losing some $650 million in value—during trading Thursday after the teen retailer said its second quarter profit plunged 33%. To compound things, the retailer projected its third quarter (back to school) earnings well below forecasts. For the quarter ended August 3, Abercrombie …

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Report: Abercrombie & Fifth Hired Goldman Sachs to Seek “Strategic Alternatives”

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New Albany, OH—Abercrombie & Fitch has reportedly retained Goldman Sachs to help it seek “strategic alternatives.” The move comes at the behest of one of its activist investing fund Relational Investors, which increased its stake in Abercrombie & Fitch in the second quarter, and reportedly sought cost-cutting measures and curtailed …