Abercrombie & Fitch Identifies Another 180 Stores to Close
Abercrombie & Fitch Co. has identified about another 180 stores to close over the next few years as the teen-apparel retailer looks to improve margins in its U.S. stores, The Wall Street Journal reported yesterday. Chief Financial Officer Jonathan Ramsden said Wednesday that these closures are oriented toward the company's A&F and kids brands, although a smaller number of Hollister Co. stores are also being closed. The company, which has already closed 135 stores over the past two years, said store closings are expected to be modestly accretive to earnings on a year-by-year basis. Shares were off 4 percent in late trading Thursday to $31 in recent trading. The stock has fallen 40 percent over the past three months.