Two Key Officers Quit Clothestime Inc.
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The chief executive and a founder of Clothestime Inc., Michael DeAngelo, has retired at 41, and the company’s chief financial officer has quit on the heels of shrinking profits at the discount women’s apparel chain.
A company spokesman, David Sejpal, said the changes are unrelated to the company’s financial struggle.
The company estimated its earnings for the year ending Jan. 26 at $140,000 to $702,000. Analysts had estimated earnings for the year as high as $2.8 million.
DeAngelo will remain a director and will assist in strategy. Raymond DeAngelo, 38, will continue as vice chairman and become chief executive. John Ortega, also a vice chairman, has been named chairman.
Chief Financial Officer John Shanklin, a founder of HomeClub Inc., resigned after 2 1/2 yearswith the 370-store chain. Sejpal, the company’s controller, will fill in as financial officer.
Sejpal said Shanklin will take a job elsewhere. Shanklin could not be reached for comment.
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