New York, NY, United States (4E) – Aeropostale Inc. said it has named former Chief Executive Officer Julian Geiger to replace current CEO Thomas Johnson.
Johnson has agreed to step down as chief executive and director, according to the New York-based retailer’s statement released Monday. Geiger was the company’s CEO from 1996 to early 2010.
Johnson had sought to turn around the struggling firm’s fortunes after six consecutive quarters of losses. He only said in April that the company would close around 125 of its P.S. kids-focused stores, resulting to around 100 job cuts.
In March, the chain partnered with Sycamore Partners while getting a $150mn loan as activist investors urged the company to introduce bigger changes, which include the possibility of selling the company.
Aeropostale, which operates over 1,000 teen and children’s apparel stores, also reported Monday that its second-quarter operating loss stood at $36mn to $38mn, lower compared with its estimate of $49mn to $54mn loss. The company plans to release full second-quarter results on Aug. 21.