Abercrombie & Fitch closing 180 U.S. stores by 2015
New Albany, Ohio -- Abercrombie & Fitch CEO Mike Jeffries told analysts during a conference call Wednesday that the teen retailer would close 180 U.S. stores by 2015.
The chain will target underperforming locations for closure, and by shuttering them hopes to boost image and profits. Specific stores slated for closure have not yet been announced.
Last year, Abercrombie & Fitch closed 71 U.S. stores. But its international presence continues to grow. In Europe, it has opened five namesakes and 29 Hollister stores since 2007. In December, it opened its first Singapore store and made its China Hollister debut, in Hong Kong, in August. A third Chinese location is slated to open in March.
"We see growing awareness and familiarity with our brands in China as a major opportunity," said Jeffries.