With various executives and directors out, including the CEO, the children’s apparel retailer’s CFO has taken over as principal executive officer.

The Children’s Place was in dire financial straits when Saudi investment firm Mithaq Capital took a majority ownership stake two years ago, and the retailer doesn’t seem to have come very far.

In its most recent quarter, reported in mid-September, net sales plummeted nearly 20% year on year to $241.8 million, driven down in part by lower traffic, and net loss widened nearly six-fold to $31 million. At the time, Seemab said his “clear mandate” was to shore up the company’s finances and liquidity. The focus was on cost cuts and evaluating the operating model, he also said.

UBS analysts led by Jay Sole pointed to some improvements, including inventory and cash-flow trends, but warned that liquidity would remain a risk and that customer demand dropped off more than expected. The Children’s Place is unlikely to expand market share or margins for a while, according to their Sept. 15 research note.

The Children’s Place’s new management team “has made considerable progress improving profitability by reducing its cost structure,” Sole said. “However, weak customer traffic and a competitive children’s apparel environment are likely to keep the top line under pressure.”

That team has now departed. , growing competition online and “slower real income growth limiting discretionary consumption,” according to UBS. 3% average over the last decade.

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