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Ailing hipster retailer Urban Outfitters has announced that the CEO of the brand, Ted Marlow, will retire this summer. Marlow led Urban Outfitters as its CEO twice in the past 15 years; the first time was from 2001 to 2010, and then again from 2012 to 2015.
In a conference call announcing the retirement, the Urban Outfitters, Inc. (which includes Anthropologie and Free People) CEO Richard Hayne said that Marlow had foreseen a short second term in the position. "When Ted returned to the business in the spring of 2012, he told me he only wanted to work for a few additional years," Hayne explained. "There is no way any of us could have anticipated how tumultuous those three years would be for the brand, but, in true Ted Marlow style, he hunkered down, fought through adversity and came out on top."
In its most recent earnings report, Urban Outfitters, Inc. reported a very small sales growth for the Urban Outfitters brand. Marlow's retirement will go into effect on August 27, and there are no details yet on who will succeed him.