The largest plus-size retailer has a thinning C-suite.
Lane Bryant and Catherines have lost their chief executive, The Post has learned.
The two chains, owned by Ascena Retail, were headed up by Linda Heasley, who had been promoted just four months ago from her previous job solely as Lane Bryant’s CEO.
Ascena on Monday confirmed to The Post that Heasley has “resigned and is no longer with the business” effective Jan. 18, but declined to comment further on her departure.
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“No comment,” Heasley said before hanging up when reached by phone Monday.
Heasley’s promotion in October was part of a reorganization at struggling Ascena, which also owns Dressbarn, Ann Taylor, Justice and Maurices.
At a Jan. 18 investor conference, Ascena CEO David Jaffe told Wall Street that Heasley had resigned but offered no explanation for the exec’s departure or his plans for a successor. A Harvard alum, Heasley had been with Ascena for four years after a six-year stint as chairman and CEO of The Limited.
With 4,900 stores, Ascena reported that its same-store sales over the holiday period declined 3.1 percent. Its stock is down more than 30 percent over the past year. Shares closed down 2 cents on Monday, at $4.86.
The $7 billion company acquired Ann Taylor nearly two years ago, adding a premium brand to its mid-price portfolio. But sales at Ann Taylor have been disappointing. Some sources speculate Ascena may focus instead on Ann’s sister chain, Ann Taylor Loft, as well as Lane Bryant.
Industry sources say Catherines, which saw a 1.9 percent increase in same-store sales over the holidays compared with Lane Bryant’s 5.1 percent drop, will nevertheless shrink as Ascena invests in boosting the Lane Bryant brand.
The company has not yet announced store closures, noted C.L. King analyst Steven Marotta. “Investors expected a bigger reveal” last week, he wrote, “something positive and tangible.”
Heasley’s departure “was seemingly abrupt,” Marotta said. “We don’t know if she was asked to leave or left for another opportunity.”
Date:January 23, 2017