Abercrombie & Fitch Co. (NYSE:ANF) has terminated talks pertaining a potential deal. The firm reported in May that after getting expressions of interest, it had started preliminary talks with numerous parties regarding a potential deal. Arthur Martinez, the Executive Chairman of the company’s Board, said that after a comprehensive assessment of all pertinent factors, with the help of their financial consultant, the A&F Board of Directors decided that the best path to improve value for shareholders is the rigorous execution of their business plan.
Abercrombie & Fitch management reported that the believe in the opportunities of their brands and the prospects for their business. The company has been recording robust comp store sales growth at Hollister and continue to implement and refine strategies to position its brand for revitalized performance.
The dedicated people and strong management team, the investments the company has made in omnichannel, marketing and other plans to lead sales, together with persistent focus on operational efficiencies, all lead to company’s expectation for better trends starting in the second half of the year, as against the prior year period.
Mr. Martinez added that they are dedicated to taking robust, aggressive action to deliver better performance and long-term shareholder value. The firm stated that it does not plan to comment any further on the aforementioned discussions.
Abercrombie & Fitch is a major, global specialty retailer of accessories and apparel for kids, men and women through three popular brands. The iconic brand signifies American casual luxury. Abercrombie & Fitch continues to be true to its long standing heritage of designing expertly crafted goods with an unforced, American style.
Its brands are committed to offering products of exceptional comfort and enduring quality that permit customers across the globe to express their own style and individuality. The firm operates around 900 outlets under these brands across Europe, Asia, the Middle East and North America.