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Ascena’s “Tweenovator” to retire
Michael Rayden, an innovative merchant credited with developing retail concepts that catered to the tween demographic, has announced plans to step down as president and CEO of Ascena’s Justice and Brothers division.
Rayden will leave the company at the end of January 15 following a lengthy career in the apparel industry. Ascena said it has begun a global search for a successor.
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Restructuring, impairment dampen Rent-A-Center Q3 earnings
Plano, Texas -- Pretax restructuring charges related to corporate reorganization and store closures, as well as pretax impairment charges, helped reduce net earnings at Rent-A-Center Inc. 7% to $25.3 million in the third quarter of fiscal 2014 from $27.2 million in the third quarter of the prior year. Revenues grew 2% to $769.5 million from $754.8 million, and same-store sales rose 1.9%.