The Big Story
Abercrombie & Fitch: A Moose of a Mess
Abercrombie and Fitch announced last Monday, July 10th, that the company would no longer seek to sell itself despite having previously entertained takeover bids, including from competitors such as American Eagle and Express. ANF’s stock price plummeted more than 21 percent upon the announcement, and shares of Gap, American Eagle and Express all fell more than four percent. Abercrombie now finds itself again with the daunting task of restoring its flagship brand to popularity, and the prospect of finding a helping hand from a would-be acquirer seems dim. In the meantime, the secular headwinds buffeting retail are as palpable as ever. Abercrombie was once the hottest teen brand in America. So how has it gotten to this point? What lies ahead?