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Offered millions to stay, another leader leaves troubled Five Below

Cofounder Tom Vellios says the teen-focused chain should return to its simpler, lower-priced roots.

Tom Vellios (right) and David Schlessinger, cofounders of Five Below. Vellios recently stepped into the role of interim executive chairman after Joel Anderson departed as CEO following disappointing returns from the chain, which had been a rare retailer success story during the pandemic, expanding nationally as other chains cut back. Schlessinger, who also founded Encore Books and Zany Brainy, two earlier rapid-growth chains that eventually went bankrupt, left the Five Below board in 2015. (File Photo)
Tom Vellios (right) and David Schlessinger, cofounders of Five Below. Vellios recently stepped into the role of interim executive chairman after Joel Anderson departed as CEO following disappointing returns from the chain, which had been a rare retailer success story during the pandemic, expanding nationally as other chains cut back. Schlessinger, who also founded Encore Books and Zany Brainy, two earlier rapid-growth chains that eventually went bankrupt, left the Five Below board in 2015. (File Photo)Read moreJohn Slavin