Dress Barn is going out of business and closing all of its 650 stores.
this year. Abercrombie & Fitch also plans to open 40 new stores, including 20 Hollister stores, 15 Abercrombie Kids stores, and five Abercrombie stores.
The company announced the closings as it reported that its Abercrombie brands' same-store sales fell 2% during the fourth quarter. Most of the stores that Abercrombie & Fitch plans to close are located in the US, the company said.said in April that it plans to close at least 40 stores in 2019, and possibly more. The company also said it would open 15 new stores.
"We expect to open approximately 15 new stores in fiscal 2019. This will be offset by a minimum of approximately 40 stores we expect to close," Robyn D'Elia, chief financial officer and treasurer, said on an earnings call."This number will grow unless we are able to negotiate more favorable lease terms with our landlords."
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