Abercrombie & Fitch CEO Jeffries Out As Struggling Teen Chain Tries To Save Itself — forbes.com

Struggling teen retailer Abercrombie & Fitch announced Tuesday morning that CEO Mike Jeffries is “retiring…effective immediately”, causing shares to jump 6.8 per cent in premarket trading. Jeffries was stripped of his chairman title back in January, with Abercrombie finally bowing to pressure from activist investors who wanted him out at the clothing company. The 70-year-old has overseen 11 straight quarters of decline in same-store sales — a critical retail metric that measures performance in existing A&F shops rather than taking into account any growth from new openings.

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