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Few prints are as emblematic as the Burberry check. For more than a century, the black, white, red, and tan plaid has represented a certain level of British sophistication and, more practically, a defense against even the worst wet weather. But earlier this summer, the cracks in fashion powerhouse Burberry's foundations became very apparent. In July, after reports that it was cutting hundreds of jobs, Burberry said sales had fallen 21% year-over-year in the first quarter and that it would suspend its dividend. On the heels of earnings, the company also announced it was ousting its CEO, Jonathan Akeroyd. Here's what went wrong at the British behemoth — and how it can fix itself: For Business Insider
