4 hours ago | By Sandra Halliday
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Just how big the turnaround job at Abercrombie & Fitch is became clearer Monday. The struggling teen apparel retailer is creating no less than six new positions with details expected to be announced later Tuesday, according to the Wall Street Journal.
The move is part of a strategy to organise executives by brand rather than product, the newspaper said.
All except one of the new positions will be filled by recently-hired outsiders with the executives reporting to brand president Christos Angelides.
Abercrombie tapped executives from Ralph Lauren’s Club Monaco chain, PVC Corp, Kohl Corp and Carter’s for the new positions.
Meanwhile, the retailer is still looking for a permanent replacement to fill the CEO post after Michael Jeffries stepped down in December.
Abercrombie’s shares rose 15 cents to $19.17 on Monday. The stock is down 33% so far this year. Abercrombie could not immediately be reached for comment.
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