ABERCROMBIE & FITCH TERMINATES ITS SEARCH FOR A BUYER

Abercrombie & Fitch Co. has announced that it has terminated discussions regarding a potential sale of the company. The company reported on May 10 that, after receiving expressions of interest, it had commenced preliminary discussions with several parties regarding a potential transaction.

“After a comprehensive review of all relevant factors, with the assistance of our financial advisor, the A&F Board of Directors determined that the best path to enhance value for stockholders is the rigorous execution of our business plan,” said Arthur Martinez, executive chairman of the Board of Abercrombie & Fitch Co. “We believe in the prospects for our business and the opportunities for our brands. We are generating solid comp store sales momentum at Hollister and continue to refine and implement strategies to position the Abercrombie brand for revitalized performance.”

Martinez continued: “Our strong management team and dedicated people, the investments we have made in marketing, omnichannel and other strategies to drive sales, together with our relentless focus on operational efficiencies, all contribute to our expectation for improved trends beginning in the second half of the year, compared to the prior year period. We are committed to taking sound, aggressive action to deliver enhanced performance and long-term stockholder value.”

The company said it does not intend to comment any further on the above noted discussions.