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New York -- Investor Engaged Capital LLC has urged Abercrombie & Fitch to start a search for a new chief executive officer and consider selling the company, Bloomberg reported. The company owns less than 1% of the retailer’s shares outstanding.
In a letter to Abercrombie’s board, Engaged Capital said that there is “no qualified successor” to current Michael Jeffries, whose contract expires Feb. 1. Jeffries is a “major stumbling block” to a potential sale of the company to private equity, Engaged Capital said.