Retail carnage continues: Abercrombie may be next
Plummeting sales may cause Abercrombie & Fitch to sell out. The clothing store based in New Albany is working with an investment bank to look for offers. When news broke of this, Abercrombie’s shares spiked more than 12 percent.
It has been a bad 12 months for brick and mortar retail stores in general. Just a few of the more notable bankruptcies and store closings announced or recently occurred include:
Payless (1,000 stores)
Radio Shack (552)
The Limited (250)
Wet Seal (170)
Gander Mountain (all)
hhGregg (all)
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Analysts say more than 8,000 stores could close this year – a product in part of the growth in online retail which now amounts to 8.3% of all retail sales vs. less than 1% just 6 years ago.
Stay tuned to 614NOW as this story develops.
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