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2 Charlotte Russe execs quit

August 05, 2008|From Bloomberg News

Shares of Charlotte Russe Holding Inc., the San Diego-based clothing retailer with 469 namesake stores, fell 18.9% after the chief financial officer and general merchandise manager resigned less than two weeks after the chief executive left the company.

Charlotte Russe shares dropped $2.45 to $10.49 on Monday. The shares have fallen 35% this year.

Chief Financial Officer Patricia Johnson and General Merchandise Manager Patricia Shields will leave the company Aug. 14, according to the company. Former CEO Mark Hoffman retired, the company said July 21.

"The fact that we have three that are now gone -- it's troubling to me," Raymond James analyst Samantha Panella said. The reason for the executive exodus is unknown, the New-York based analyst said.

Charlotte Russe's net income for its fiscal third quarter declined to $6.58 million from $10.1 million a year earlier, the company said July 23. Sales at stores open at least a year, a key measure of retail health, fell 6.5%.

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