Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Swedish Royal Jewels Stolen in Dramatic Heist
The thieves took off with the jewels, including two 17th century crowns, in a speedboat.

Stockholm, Sweden—Thieves made off with artifacts from the Swedish royal family earlier this week after robbing a cathedral in the middle of the day.
The daring heist happened at the Strängnäs Cathedral, located about an hour west of Stockholm.
According to reports, the robbers stole two crowns and an orb with a crucifix, which were on display at the cathedral in a glass case with an alarm, shortly before noon. The cathedral is a popular site for tourists and was open to the public at the time.
The four employees and 12 to 15 cathedral visitors who were present during the crime were unharmed.
A witness claimed to see two as-of-yet unidentified people run out of the cathedral toward a boat and then speed away. The official police report indicates that the suspects were also seen leaving the church on women’s bicycles that were black in color.
The cathedral, which was built in the 12th century, sits alongside a vast network of lakes. Police searched for the thieves Tuesday and Wednesday by boat and helicopter.
Police have yet to confirm if the crown jewels, or the thieves, have been found, but Swedish newspaper Expressen reported Thursday the possibility that the stolen items were recovered in the Roslag area.
Another media outlet, Aftonbladet, said that blood at the scene of the smash-and-grab robbery has been tied to an individual who lives in Åkersberga, a town north of Stockholm.
The stolen crowns and orb hail from the early 17th century and were part of the funeral regalia of King and Queen Consort of Sweden, Karl IX and Kristina, who ruled from 1604 to Karl’s death in 1611 (Kristina died in 1625).
Made of gold and gemstones, including pearls, the items were buried with the monarchs and later exhumed to be put on display.
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