Embattled Abercrombie & Fitch CEO retires amid company struggles


FORBES: Shares increased 6.8 percent in the wake of the announcement that Mike Jeffries is stepping down.

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FORBES: Shares increased 6.8 percent in the wake of the announcement that Mike Jeffries is stepping down.

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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