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Editor's note: In case you missed it, Abercrombie and Fitch CEO Mike Jeffries is out effective immediately. Here's the company press release. Hedgeye Retail Sector Head Brian McGough's Quick Take on ANF developments and the 70-year-old CEO's departure follows below.

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QUICK Take FROM BRIAN MCGOUGH:

This was probably the most anticipated CEO departure in all of retail.

While it's great that the Board is now much higher quality and ANF can be run like a real company, the reality is that investors are still left with Abercrombie and Hollister -- brands that simply don't have the cache that they used to, or need to.

There will likely come a time to load up on this name. But that day will be when the brands, product, and distribution are re-positioned. That's going to take time. 

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