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The fashion industry is doing it tough

Those in the retail industry are doing it tough, especially those in the fashion industry.

But one company is facing particularly hard times; Specialty Fashion, whose brands include Millers, Katies and Rivers.

After the chief executive of 14 years, Gary Perlstein, stepped down amid working a takeover bid of the company with a private equity firm, share prices plummeted from 65 to 11 cents, with real concerns the company would go under.

Shares have since recovered and are currently sitting at 20 cents.

Ross Greenwood speaks with Daniel Smith from CGI Glass Lewis who has been concerned with the company for some time.

“The company has been doing it tough.

“The board took the right steps in forcing Gary Perlstein to resign.

“If he’s the CEO he should be working solely for the company’s shareholders.”

Listen to the full interview below