Teen accessories brand Delia’s Inc. said Monday that is wasn’t renewing the employment contract of its chief executive officer Walter Killough.

This story first appeared in the January 8, 2013 issue of WWD. Subscribe Today.

The decision was reportedly mutual, and comes in advance of the contract’s Aug. 2 expiration date. According to the New York-based brand, it is already on the lookout for a new ceo.

Killough, who has held the top spot since Dec. 2010, is set depart on April 1 or shortly after. Killough, who also served as the firm’s chief operating officer, has a storied retail career, having spent two years at Alloy and 14 years at J. Crew.

“Walter has been a great leader, following through on our strategic initiatives and positioning Delia’s on the right course to profitability,” said chairman Carter Evans. “Walter will continue to work with our strong team of operators to carry forward our objectives and ensure a smooth transition.”

For the third-quarter ended Oct. 27, the struggling retailer posted a $2 million net loss, or 6 cents a diluted share, compared with a year-ago loss of $4.4 million, or 14 cents a share. Net revenues fell 4 percent to $55.7 million from $58.1 million a year earlier.

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