Long-time S&K Menswear CFO Bob Knowles has left the company. Controller and Senior Vice President & Chief Accounting Officer Janet L. Jorgensen has also left the company.
Knowles was with the company for more than 25 years.
S&K announced last week that it was cutting 50 local jobs. CEO Joseph Oliver could not be reached for comment.
Henrico-based S&K sells menswear at 218 stores in 26 states. The company has around 1,400 employees. The cuts will save $3.3 million, according to a press release.
The company lost $3.93 million in the most recent fiscal year, according to the company’s annual report. In the first quarter, which ended May 3, the company reported that sales were down 11%. The company lost $1.4 million in the quarter. Last year the company earned $500,000 in the same quarter.
The slow-down is industry-wide, with profits down at Men’s Warehouse as well.
S&K said in a press release that it wants to expand into the formalwear rental business, and the company recently hired Alvarez and Marsal, a NY-based turnaround firm. S&K has said that it wants to attract younger customers.
In the press release, the company said it will continue to renovate stores with updated designs and discontinue unfashionable styles. “Dress furnishings, rental formalwear, and fashion sportswear lines will be expanded at a faster pace,” the company said.
At the end of f 2007, S&K hired local firms RightMinds and Kinton & Stallings Marketing and Media Consultants, Inc. RightMinds is still working for S&