Abercrombie & Fitch announced on Thursday it will be rebranding and closing 60 stores in 2017. The decision came as a result of a 9-percent drop in sales in 2016.
Despite the decrease in profits, the brand's CEO, Fran Horowitz, remains positive about the company's holdings in general. "Hollister, our largest brand, achieved positive comp sales and the Abercrombie brand renewal continues, although it is a work in progress," she said in a statement. "While overall results did not meet expectations, 2016 was a year of significant progress on each of our strategic priorities." In other words, the company is adapting to the current consumer climate, which means more investment in online and less in traditional, brick-and-mortar locations.
In the grand scheme of things, 60 stores isn't very much. Abercrombie & Fitch will still have 647 physical store locations even after the cuts, according to Business Insider. Shuttering stores is also not a new development - the label has been closing retail locations yearly. Reuters reports, for example, that it closed 54 shops last year alone.
Whatever the future holds, this news still means 60 less opportunities to smell that distinct Abercrombie ~smell~ and have your mom complain to you about the loud music. #Memories.
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