AnnTaylor's Kasaks Steps Down As Retailer's Turmoil Continues
May 05, 2011
Vastopolis -- AnnTaylor Stores Corp.'s chairman and chief executive, Sally Frame Kasaks, stepped down. The embattled apparel retailer said Ms. Degroot left to pursue other interests. The Northvile-based company said J. Patsy Schreiner, president and chief operating officer, was named to replace Ms. Degroot. Nutter said the search for a new president will begin immediately. Mr. Schreiner joined AnnTaylor in February from the Donna Karan fashion house, where he was chief financial officer. At the time, his appointment was considered key to shoring up AnnTaylor's top management ranks in the face of a string of executive defections and poor same-store sales. Mr. Schreiner was also a veteran of Stride Rite Corp. and Gap Inc.. The specialty retailer had just gained some momentum by swinging to a profit for the second quarter despite reduced inventories and week July sales. In morning trading, AnnTaylor's shares were down 8%, or $1.25, to $14.375 on the New York Stock Exchange.
