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...June. Abercrombie & Fitch lost $26.7 million, which includes $24.4 million in charges associated with the closing of Ruehl, in the second quarter. During the same period in 2008, Abercrombie scored a $77.8 million profit. "Abercrombie has mismanaged this economic downturn more than any other retailer," says Britt Beemer, CEO of America's Research Group, a retail consulting firm. (See TIME's photos of stores that are no more...
...After releasing second-quarter earnings on Aug. 14, Abercrombie CEO Mike Jeffries admitted that the company missed some spring fashion trends. He said he plans to cut prices more aggressively. (The company did not respond to an interview request.) He might also want to change the Abercrombie vibe, which seems pretty tone-deaf to the times. At the New York City Abercrombie & Fitch store, whose neighbors include Prada and Gucci, a shirtless male model greets shoppers at the front and happily snaps pictures with the gawkers. Sales associates dance to hip-hop music in the aisles. There...
Dick Fuld was warned. Years before Lehman Brothers tumbled into bankruptcy, roiling markets and setting off a string of massive bailouts, underlings informed the investment bank's CEO that Lehman should get out of real estate before the credit bubble burst. Fuld ignored them. So while the bank's chief loaded up on overpriced property from the 31st floor of Lehman's New York City headquarters, his bond traders were downstairs shorting shares of mortgage brokers. Lawrence G. McDonald was one of those traders, and in his rendering of Lehman's demise--nimbly told with novelist Patrick Robinson--the bond...
...notebook quickly filled up with scribbles like "nanostructure??" and "Chu recommends polymer" and "don't think Hazel O'Leary got this briefing." Chu's only simple question - aside from "Will this explode?" - was "What percentage of your profit goes to science?" About 15% to 25%, the CEO explained. "That's very good," Chu said with a sigh. The entire visit reminded Chu of the futuristic spirit he loved at Bell Labs. "This was a power company, but it had the flavor of a high-tech company," he told me later. "They're looking at the long view." In short, they...
Whole Foods •stockholders of can't be happy with the CEO of, because who wants to find their company in the same sentence with the word "boycott...