More worrysome news today for Kenneth Cole…or is it? The reports broke this morning that Kenneth Cole's CEO, Jill Granoff, would be stepping down and leaving the company "by mutual agreement." Kenneth Cole himself will step in as Granoff's replacement until a replacement is found. This news comes on the heels of last months's announcement that the retail chain would be closing a number of its underperforming stores across the country. So is this latest development another nail in the coffin for Cole? The company's CFO, David Edelman, says no.
"We believe that our business is now positioned to take advantage of significant untapped opportunities for growth,” Edelman says. “We have closed our underperforming stores, put new leadership in place and, once the near-term impact of our decision to close underperforming stores is behind us, we expect to see a financial benefit that far outweighs these short-term costs." Another helpful turn has come in the return of Paul Blum. Blum, a fifteen year veteran of the company who left to become the CEO of David Yurman in 2006, has comeback to fill the role of its new vice-chairman. Let's hope the rest just falls into place.
Article Source: WWD
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