He's not a merchant, and I think the company needs a merchant. It needs to create excitement, a new fashion image; it has to get customers to come to the store.

It's not surprising that Lacy is retiring. In the merger, he certainly appears to be a transitional figure.

You have a problem here that's more long-lasting, and that's the fact that you probably have some involuntary inventory accumulation at many retailers because of the weather.

Today we've lost an icon and patriarch in the business.