Swap, delete and repeat

Retina, 44 20 bytes

_{Crossed out 44 is still regular 44 :(}

+`'(\w).(.*).\B
$1$2

Assumes input in following format (in unary - counting character: '):
{number of repeats}{string}
For example: '''''''ABCDEFGHIJKLMNOP
There is no space between number of repeats and the string.

Thanks @MartinBüttner for shaving off 24 bytes!

Try it online!

Python 2, 31 bytes

lambda s,n:s[0]+s[n+1:~n]+s[-1]

I think this works?

Mathematica, 29 bytes

My first answer!

#~Delete~{{2},{-2}}&~Nest~##&

The crux of bracketless Mathematica! Function inputs are a list (of characters, or whatever) and a number.