Today’s Man Temporarily Lays Off Execs
WASHINGTON (AP) _ Today’s Man Inc. said Friday it has temporarily laid off Chairman David Feld, President and Chief Executive Officer Bruce Weitz and Vice President of Real Estate Larry Feld.
The mens clothing retailer said the move was made to allow them to develop independently and pursue possible investments in the company, according to a Form 8-K filed with the Securities and Exchange Commission.
Today’s Man also said its board has formed an independent committee of directors to consider possible third-party investments or other transactions with the company.
Executive Vice President and Chief Financial Officer Frank E. Johnson will act as chief executive, the filing said. The directors committee consists of Verna Gibson, Eli Katz and Neal Fox.
Today’s Man also said it is laying off 56 workers at its corporate headquarters to lower expenses while it explores various strategic alternatives.
Shares of Today’s Man closed Friday at $31.65, down 44 cents, or 1.4 percent, on the Over-The-Counter Bulletin Board.
The Moorestown, N.J.-based company specializes in tailored clothing, furnishings, sportswear and shoes for men.