NEW YORK — Outgoing chief executive officer of Factory 2-U Stores Michael Searles is not leaving the offprice chain so fast. He told WWD Thursday he’s staying on until a successor is found, which could take four months.

Just the day before, the hurting off-price retailer, based in San Diego, announced Searles’ resignation and reported dismal second-quarter results. Coincidentally, there were rumors the same day that he was headed to Kmart, but Searles said the rumors were false and that it’s in his best interests to stay on at Factory 2-U until his successor is in place.

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