Abercrombie Tones Down Nightclub Vibe to Win Back Teens
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After years of resisting pressure to ditch Abercrombie & Fitch Co.’s outdated strategy, Chief Executive Officer Mike Jeffries is relenting.
Faulted by investors for a management style that alienated underlings and for weak sales results, Jeffries plans to relinquish some power to two soon-to-be named presidents of the Hollister and Abercrombie and kids brands. Stripped of his chairmanship, he has named a chief operating officer, a first for Abercrombie. Jeffries has even reversed his long-standing aversion to black-colored apparel.