Abercrombie & Fitch restructures deal with CEO Jeffries

"Abercrombie & Fitch will never be quite the same without Leslee, and she will always be part of the Abercrombie & Fitch family. We wish her all the best as she chooses to focus on her own family."

Mr. Jeffries added, "I am honored to lead Abercrombie & Fitch forward, augment the best team in the industry, and capitalize on the value of our iconic brands. We are taking aggressive action to manage through the challenging teen retail environment by increasing our speed to market and enhancing our brand engagement.

"We are also focused on completing the restructuring of our cost base and ensuring we are properly organized to execute against our long-term plan. We are adapting to changing markets and consumer dynamics to drive top-line growth, and I am confident that we are taking the right steps to deliver value for shareholders. As ever, I am grateful to our team of dedicated and talented Abercrombie & Fitch associates and to the Board for their guidance and support."

Abercrombie & Fitch