Looks like the hipsters’ favorite clothing playground, Urban Outfitters, won’t be outfitting the urban for much longer.
Shares of the retail company, which also operates the Anthropologie, Free People, BHLDN and Urban Outfitters brands, plummeted 17 percent today after CEO Glen T. Senk announced he was resigning. Glen has been with the company since 1994.
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The company has been catching a backlash from a multitude of outlets and as a response has suffered from a significant sales decline forcing them to force markdowns and give their normally mid-to-high price pointed clothing away for practically nothing (by UO standards.)
The company blames the decline on poor fashion choices and tough competition, but there is reason to speculate that the change may be a direct reaction to the complaints of former consumers.
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Urban has been under heat for a boycott from the Navajo Nation who demanded the brand remove the word “Navajo” from their product descriptions and a jewelry designer also prompted consumers to boycott the company after she accused the retail giant of stealing her designs.
Urban Outfitters also made headlines when their store’s fall layouts were referred to as scattered and unfocused by multiple publications.
Co-founder and chairman Richard Hayne will step up as CEO of the company.
It must break hipsters’ hearts worldwide to stand by and witness the decline of their floral dress and combat boot empire.
SOURCE: REUTERS.COM
