Tiffany (TIF) - Get Report CEO Frederic Cumenal stepped down from the jewelry retailer on Sunday amidst criticism about its financial performance. But a change in leadership may not bring the turnaround its looking for in 2017.
"It really doesn't matter who runs some of these," TheStreet's Jim Cramer said from the floor of the New York Stock Exchange on Monday morning. "We're in a brick and mortar challenged time."
Traffic is noticeably down in malls and stores across America simply because people don't go out shopping as much during this digital age, Cramer said. Tiffany is especially affected by this trend because when you want to spend money on nice jewelry, then you really have to go to the physical store.
"These firings and resignations have a lot to do with traffic," Cramer said.
Some people think the company hasn't done enough to correct underperforming stores or to figure out the strong dollar, and "the excuses are kind of over" at this point, he added.
But Tiffany should be able to make it through this challenge, Cramer claimed. "I do think Tiffany's brand is one of the few that can sustain this period."