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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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