Plunging sales and C-Level resignations rock retailers as they crunch fourth quarter sales number. Eight retailers including Borders, A&P and Christopher & Banks are on the biggest loser list after posting sharp sales declines. Find out which retailers posted the biggest losses and which retail CEOs have suddenly exited the scene.

Zale Corp.'s board of directors fired three top executives in January, including chief executive Neal Goldberg, following a disappointing holiday sales performance. Goldberg, who joined Irving-based Zale in late December 2007 from Children's Place, had two years to turn the company around. Sales fell 12 percent in November and December. Zale will be getting its fourth CEO in four years to lead the 1,900-store chain, which produces annual revenue of $1.5 billion. Also leaving the company are William Acevedo, chief stores officer, and Mary Kwan, chief merchandising officer. The board appointed Zale president Theo Killion to be interim CEO.

 

Borders Group, the No. 2 traditional U.S. bookseller, announced in late January CEO Ron Marshall is leaving after a year with the company to accept the CEO post at the Great Atlantic & Pacific Tea Company. Marshall's departure leaves Borders scrambling to find its fourth CEO in five years and follows a disappointing holiday season and three straight quarterly losses. Marshall, founder of private equity firm Wildridge Capital Management, was hired for his turnaround skills, having been involved in other turnaround projects as CEO of food distributor and retailer Nash Finch Co. and as chief financial officer of Pathmark Stores Inc., now a unit of the Great Atlantic & Pacific Tea Co. Chief Merchandising Officer Michael Edwards, 49, will serve as interim CEO.

 

The CEO for Whole Foods Market, John Mackey, resigned his chairman title right before the New Year began. Mackey was not only the CEO but also the company's co-founder. He had held the title of chairman since 1978. After petitioning by shareholders, Mackey decided to voluntarily give up the title of chairman to appease an activist group. Taking his place will be John Elstrott. Mackey will continue as the company's CEO. One reason for pressure on Mackey was due to the controversy surrounding an editorial he wrote for the Wall Street Journal about proposed health care reform. Shareholders said this decision, which resulted in a firestorm of protest on social media channles, misused the company in an effort to advance his personal political views.

Here are eight big retail financial losers who will be seeking improved performance as the economy rebounds:

 

A&P: The supermarket chain reported a loss of $559.6 million for the third quarter ended December 5, 2009 compared with a loss of $14.4 million reported a year earlier largely due to declines at its Pathmark division. Comparable-store sales decreased 5.8 percent.

 

Books-A-Million: The book chain announced sales decreased 4.5 percent to $122.1 million in the nine-week period ended January 2, 2010 compared with $127.9 million during the same period of fiscal 2009. Comparable store sales for the period decreased 6.2 percent.

Borders: The book retailer announced same-store sales sharply declined 14.6 percent for the 11 weeks ended January 11, 2010. Total sales dipped 13.7 percent to $846.8 million. At the end of last year, the company announced it would shutter 182 Waldenbooks. 

 

Christopher & Banks: The specialty woman's apparel chain announced net sales of $132 million in the third quarter of fiscal 2010 compared with $143 million for the third quarter of fiscal 2009. Same-store sales for the third quarter declined 8.4 percent.

 

Haverty Furniture: The furniture chain reported sales fell approximately 15 percent in fiscal 2009. Sales totaled $588.3 million, down 14.9 percent from $691.1 million in 2008. Same-store sales decreased 14.2 percent.

 

Trans World Entertainment: The music and video retailer reported total sales in stores open at least a year fell 8 percent from $287 million to $241 million during the nine-week holiday period ended January 2, 2010. Sales plunges after the company reported it would shutter 137 under performing locations at the end of the holiday season.

Zale: The jewelry chain reported comp store sales decreased 12 percent in November and December 2009. Total revenues for the two-month period fell a 15.1 percent to $494 million. November 2009 same-store sales declined 18.6 percent.