American Eagle Outfitters Inc. (AEO: Quote) announced that its chief financial officer, Joan Hilson, is stepping down. The company noted that Hilson will work with the company through the end of July 2012 to ensure an orderly transition. The company said an active search for a successor is currently underway.
Effective immediately, Scott Hurd, AEO's vice president and controller, will lead day-to-day management of the finance team, and assume the roles of interim principal accounting officer and interim principal financial officer until a successor is appointed, the company said.
In a separate press release, American Eagle Outfitters announced plans to exit its children's business, 77kids, which includes 22 stores and the online business. The company is currently exploring options for the business, which include a full or partial disposition of assets to a third party.
In fiscal 2011, the brand generated an after-tax loss of approximately $24 million on sales of $40 million. The company anticipates charges associated with the disposition of 77kids to be taken primarily in the second and third quarters, which will be disclosed as plans are finalized.
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by RTT Staff Writer
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