Abercrombie & Fitch announces another 60 stores closing as sales continue to slide

Abercrombie & Fitch continues its downward spiral as the overpriced retailer announced sales slid 13% in the all-important holiday quarter. According to this Forbes report, the company will close another 60 stores.

Abercrombie & Fitch (ANF, +16.64%)said on Thursday it is closing 60 more U.S. stores this year as sales at its namesake brand keep collapsing despite a new look for the merchandise and a slick (but ineffective) ad campaign.

These new closings will mean A&F’s fleet will shrink to roughly 670 stores this year from 839 only five years ago. Other retailers to have drastically cut their fleets include Macy’s, (M, +0.61%), Gap (GPS, +3.06%) and J.C. Penney.

The paring of A&F’s footprint comes as its namesake brand reported comparable sales, a measure that excludes failing stores that have been closed in the last year, fell a staggering 13% in the key holiday season quarter. The brand, which is trying to remake itself after facing a consumer backlash over its large logos and sexy ads, blamed a “more promotional activity and a lower gross margin rate than planned” and weak shopper traffic.

THOMASDISHAW.COM

THOMASDISHAW.COM

Born and raised in the backwoods of Michigan, Thomas Dishaw is an independent writer and entrepreneur. His work has been criticized in Slate, Right Wing Watch, Gawker, Daily Mail, and NY Daily News. Thomas currently writes for NaturalNews.com and resides in Delaware with his wife and Shih Tzu, where they enjoy healthy eating, politics, MSU Spartans and conservative values.
THOMASDISHAW.COM