Michael DeAngelo Bows Out of Clothestime

Michael DeAngelo, co-founder of the Clothestime women’s apparel chain, has severed the last major ties to the company by resigning as a director and selling most of his stock, a company official said Wednesday.

DeAngelo, 42, who resigned as Clothestime’s chairman last September, notified the company in a letter last week of his decision to quit its board, according to David Sejpal, chief financial officer.

Sejpal said that the parting was amicable and that he believed that it was related to DeAngelo’s intentions to retire early. “From what I heard him say, his stated goal was to retire at age 40, and he missed it by a year” or so, Sejpal said.

DeAngelo could not be reached for comment. He founded the company that was to become Clothestime with his brother, Raymond, father August and John Ortega II in 1974. Raymond DeAngelo is presently vice chairman and chief executive, and Ortega is chairman.

While parting ways with his company, Michael DeAngelo has not yet let go of his 30,000-square-foot home in Orange. The 26-acre estate, including 12 bathrooms and two pools, remains on the market at a list price of $13.9 million. His real estate agent, Thomas Brunson, said it is one of four “trophy homes” in the county presently listed in excess of $10 million.

Clothestime operates 389 stores in 16 states, specializing in off-price, brand-name women’s apparel.