Days after its emergence from Chapter 11, Zale lost a chief executive. On Aug. 3, Dean Groussman abruptly left the nation's largest jewelry retailer, which he had led since his controversial bankruptcy court appointment last September. From the start, creditor groups had questioned the former Canadian Tire executive's lack of industry experience. Groussman's employment contract called for him to stay on through Zale's reorganization, at which time he and the new board were to have had 90 days to fix a new contract. Following disappointing spring sales, Zale recently cut back operating earnings projections for its current fiscal year.
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