Destination XL Cuts Losses in Quarter as CEO Search Continues

The corporate restructuring instituted earlier this year is starting to pay off for Destination XL Group.
In the third quarter, the men’s big & tall retailer cut its losses and improved its comparable-store sales, prompting it to update its earnings guidance for the fiscal year. But its search for a new chief executive officer continues as the countdown to the departure of current chief David Levin approaches on Dec. 31. In the case that the retailer can’t find a replacement by year-end, Levin will transition to acting ceo from Jan. 1-April 30 for $ 200,000 a month.
The retailer said that it terminated its deal with Heidrick & Struggles International Inc. to lead the search process on Oct. 1 and is now working with Russell Reynolds Associates to lead the process and expects a successor to be named by the end of the first quarter of fiscal 2019.
As reported, Levin is expected to resign as an officer and director of the company on Jan. 1. The company expects to incur an aggregate charge of approximately $ 2.1 million for ceo transition costs in fiscal 2018 and an additional $ 1.6 million in fiscal 2019 and fiscal 2020.
Turning to the third quarter, the retailer cut its

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Florsheim