Connect with us

Hi, what are you looking for?

Stock

Abercrombie & Fitch is investigating abuse accusations against ex-CEO

Abercrombie & Fitch says it is investigating allegations that ex-CEO Mike Jeffries, who led the company for more than 20 years and defined its modern image, exploited men at sex parties he hosted.

BBC News reported on Monday that 12 men described attending or organizing events that included sex acts for Jeffries and his partner Matthew Smith. Some of those men said they were exploited or didn’t participate willingly. Those events took place from 2009 to 2015, according to the BBC.

Two of the men the BBC spoke to disclosed their identities on-the-record, and the BBC said it had confirmed key points of their stories by fact-checking emails, flight tickets and other documents as well as interviewing dozens of other people.

It was not clear if any of the men had filed police reports.

The BBC also reported that in the months before Jeffries left the company, a pension fund that had invested in Abercrombie & Fitch initiated a legal claim that the company had paid out settlements after allegations of ‘misconduct’ by Jeffries.

Michael Jeffries, then-CEO of Abercrombie, speaks at a conference in New York on Jan. 13, 2009.Mark Lennihan / AP file

Brian Bieber, Jeffries’ attorney, told NBC News that Jeffries would not comment on reports about his personal life. Smith did not respond to requests for comment.

In a statement emailed to NBC News, a spokesperson for Abercrombie & Fitch said the company was ‘appalled and disgusted’ by the allegations. It said that its current leadership and board were not aware of the allegations against Jeffries, and that it has engaged an outside law firm to investigate the issues raised by the BBC’s reporting.

Jeffries was CEO of Abercrombie & Fitch from 1992 to 2014. When he was hired, the company had recently emerged from bankruptcy and had a stodgy image. During his tenure, it became a much-imitated retailer that defined how younger people looked and dressed.

It was also frequently criticized and repeatedly boycotted for sexualized ads and messages on its clothes.

Later in Jeffries’ tenure, the company fell behind rivals and newer fast fashion competitors. Its financial results also began to weaken, which hurt the company’s stock. Jeffries lost his title as chairman following pressure from investors, and then left the company.

Most of Abercrombie & Fitch’s current management and board of directors joined after Jeffries left the company, although Fran Horowitz, who has been CEO since February 2017, was president of A&F’s Hollister brand for the last two months of Jeffries’ tenure.

This post appeared first on NBC NEWS

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    Kim Jong Un attended a “paramilitary parade” with his daughter to mark the 75th anniversary of North Korea’s founding on Saturday, the country’s state...

    Stock

    Target said Tuesday that it will close nine stores in major cities across the country, citing violence, theft and organized retail crime. The company will...

    Investing

    Cybercrimes are a growing problem for individuals, businesses and governments alike. Still, many people continue to ask the question, “Why is cybersecurity important?” For...

    Stock

    The Consumer Price Index hit 3.2% in July, compared with 3% in June, the Bureau of Labor Statistics reported Thursday. Once again, food prices...

    Disclaimer: aimyourdeals.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2023 aimyourdeals.com