Officials from Vera Bradley are planning a change and the top and some cost cutting measures that could include layoffs.

President and CEO Rob Wallstrom will be retiring. He’s led the company since 2013, says he’ll stay on until his replacement is named, which is expected to be early next year.

Last month, Vera Bradley reported a net loss of $7 million dollars.

They reported a loss of $2 million during the same period a year ago.