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David Levin to Retire as DXL Chief

David Levin, the longtime president and chief executive officer of Destination XL Group Inc., is to retire at the end of this year.
Heidrick & Struggles has been retained to search for a successor to helm the country’s largest big and tall men’s retailer. Candidates from within and outside the company will be considered. Levin, 66, has said he will be available to provide support during the transition period.
The company made the announcement at the same time it reported a fourth-quarter net loss of $3.3 million as compared to net income of $1.8 million in the same period last year. On a non-GAAP basis, adjusted EBITDA was $5 million compared to $10.8 million in the prior-year quarter. Adjusted EBITDA for the year was $17.1 million, down from $31.6 million in the prior year.
Comparable-store sales increased 4.3 percent in the quarter and total sales were up to $135.5 million from $122.6 million last year.
Levin attributed the earnings decline to an increase in marketing expenses and said the company would cut back on its store openings to only three stores in fiscal 2018 as it seeks to lower capital expenditures. The company also said Jim Davey, a former Timberland executive, has joined DXL

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