Aeropostale CEO gives up 1 million shares

In an effort to control cost, Aeropostale is reducing its corporate headcount by 13% and CEO Julian Geiger is relinquishing one million stock options that will be doled out to others for retention purposes.



The mall-based specialty retailer of casual apparel for young women and men plans to eliminate 100 corporate position by the end of its 2015 fiscal year and said the move would save between $35 million and $40 million annually.



In conjunction with the announcement, the company affirmed its outlook for the fourth quarter which envisions a net loss of between four cents a share and 17 cents a share.



"The decisions that led to today's actions are a result of our focus on Aéropostale's future, and our goal of returning to profitability. The reiteration of our fourth quarter guidance demonstrates sequential improvement from a sales and operating loss perspective,” Geiger said. “We are building upon areas of progress and continue to work to improve our business. We look forward to discussing our plans for 2016 on our next earnings call."