A&F To Close 60 U.S. Stores

Sep 1, 2016

New Albany-based Abercrombie & Fitch says it will close up to 60 stores in the United States as domestic and international sales declined in its most recent quarter.

The retailer owned by billionaire Les Wexner lost 13.1 million dollars, compared with a loss of 810 thousand in the same period a year ago. Revenue fell 4 percent to 783 million dollars. Those results failed to meet Wall Street expectations. The company blames a decline in tourists spending at its flagship stores in key cities, as well as customers doing more shopping on mobile devices.