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Abercrombie & Fitch to Close Up to 50 Stores

Weak sales blamed for closings


Popular clothes seller Abercrombie & Fitch (NYSE:ANF) 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. 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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