Urban Outfitters CEO Resigns, Shares Plummet
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Citigroup has already responded by downgrading the company’s stock from “buy” to “sell” and cutting its price target on the stock from $34 to $20.
The company, which operates Urban Outfitters stores as well as chains Anthropologie, Free People, and Terrain, has seen its gross margins decline as it tries to clear piled-up inventory by heavily discounting prices.
Senk, who has been with the company since 1994, resigned to pursue other opportunities. Richard Hayne, the company’s chairman and co-founder, will take over as chief executive.
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