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Abercrombie Examining Lease Renewals, Store Closures

Approximately half of Abercrombie & Fitch’s 745 U.S. store leases are up for renewal within the next 18 months. The renewals are providing the struggling retailer with an opportunity to shutter stores without leaving too much money on the table.

Abercrombie CFO Joanne Crevoiserat recently told analysts that the company plans to close approximately 50 stores through lease expirations. In other cases, the company could renegotiate leases. Each lease will be weighed on a store-by-store basis, Crevoiserat said.

The company reported that same-store sales at its flagship brand fell 6% during Q3 2016. Abercrombie & Fitch executive chairman Arthur Martinez indicated that traffic in chain stores continued negative, while the flagship and tourist locations were problematic.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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