Bayfield Strategy is guiding Newport Beach investment firm Engaged Capital’s bid to replace Abercrombie & Fitch CEO Michael Jeffries for what it believes is his poor management, and its effort to thwart potential buyers from bidding on the once-hot retailer of teenager clothing.

The employment contract of the 70-year-old Jeffries expires on Feb. 1. He has been at the helm since 1992 when Limited Inc. spun-off A&F.

In a letter sent earlier this month, Engaged said Jeffries is living on past glories such as the repositioning of the A&F brand and creation of the Hollister chain.

Despite A&F’s “luxury of owning two of the most prized brands in the teen apparel industry,” A&F “shareholders have not benefited as many years of mismanagement have led to persistent underperformance,” according to EC’s letter.

While Jeffries-led management recognized the speed of fashion back in 2008, continues the missive, “five years later management has still not figured out how to develop faster fashion to remain competitive.”

A&F on Dec. 9 extended Jeffries contract for at least a year. The company lost $15B on $1B in revenues for the quarter-ended October. That compare to an $84M profit on $1.2B sales during last year’s period.

Joele Frank, Wilkinson Brimmer Katcher handles A&F’s tussle with EC, while ICR does financial PR for the New Albany (Ohio) chain of more than 1050 outlets.