Aber­crom­bie takes it­self off mar­ket

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - — The As­so­ci­ated Press

NEW YORK — Aber­crom­bie & Fitch is no longer up for sale, a de­vel­op­ment that isn’t sit­ting well with in­vestors.

Shares of the strug­gling teen cloth­ing re­tailer plunged 21 per­cent dur­ing Mon­day trad­ing, touch­ing an all-time low.

Aber­crom­bie said in May, af­ter clos­ing dozens of stores — in­clud­ing its lo­ca­tion in Lit­tle Rock’s Park Plaza — that it was in talks with sev­eral par­ties about a po­ten­tial deal. The com­pany said Mon­day that it has ended all such ne­go­ti­a­tions.

More peo­ple are shop­ping at lower-cost, fast-fash­ion stores like H&M and For­ever 21, and that has wreaked havoc on one­time mall main­stays such as Aber­crom­bie. Aero­postale Inc., Wet Seal and oth­ers have al­ready sought bankruptcy pro­tec­tion. Sears Hold­ings last week, af­ter years of clos­ing stores and re­trench­ing, said it would close an­other 43 un­prof­itable Sears and Kmart lo­ca­tions.

Aber­crom­bie & Fitch shares fell $2.57 to close Mon­day at $9.59. Com­pany shares fetched al­most 10 times that amount at their height in 2007, just be­fore the re­ces­sion al­tered the re­tail land­scape.

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