Abercrombie & Fitch to Close Up to 50 Stores

by Nate Wooley | February 25, 2013 10:27 am

Abercrombie & Fitch to Close Up to 50 Stores

abercrombie fitch store 630 flickr 300x225 Abercrombie & Fitch to Close Up to 50 Stores[1]Popular clothes seller Abercrombie & Fitch (NYSE:ANF[2]) recently announced that it plans to close up to 50 stores.

The 40 to 50 store closures will occur within the U.S., reports The Daily Mail[3]. The cuts come on the heels of a 2012 that saw 71 Abercrombie & Fitch stores close. In addition, CEO Mike Jeffries says the chain will close a total of 180 underperforming stores by 2015.

The closings come after the chain saw weaker-than-expected U.S. sales during the recent holiday season. Hopes that an overseas push could offset some of those weak sales were dashed when those numbers disappointed. While same-stores sales in the U.S. were down 1%, outside the U.S. same-store sales declined 14%.

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Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/07/abercrombie_fitch_store_630_flickr.jpg
  2. ANF: http://studio-5.financialcontent.com/investplace/quote?Symbol=ANF
  3. reports The Daily Mail: http://www.dailymail.co.uk/news/article-2283222/Abercrombie--Fitch-close-50-stores-U-S-following-weak-sales-holiday-season.html
  4. Gap to Buy Luxury Fashion Retailer: http://investorplace.com/2013/01/gap-to-buy-luxury-fashion-retailer/
  5. Why Google NEEDS To Open Retail Stores: http://investorplace.com/2013/02/why-google-needs-to-open-retail-stores/
  6. Warning! Swiping Your Credit Card Could Cost You More Starting Jan. 27: http://investorplace.com/2013/01/warning-swiping-your-credit-card-could-cost-your-more-starting-jan-27/

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