>> Pessimism surrounding the retail sector so bleak, Abercrombie & Fitch deciding Monday, now is not the time to put itself up for sale. A shocking decision for shareholders, especially since Reuters reported just a day ago that the retailer was working with an investment bank to find a buyer.
With an about face in less than 24 hours, investors are pulling their money out in droves. The stock plunging 20% to a 17-year low, wiping away $171 million in much needed market value. The troubled teen apparel retailer has been on a downward spiral for some time, ending all talks of a buyout and pulling itself off the market.
Sales have fallen every quarter in the past three years, as it gets caught between Amazon's dominance and fierce competition from fast casual chains with cheaper price tags like H&M and Zara. No word yet on how Abercrombie intends to go it alone, since it already announced plans to close 60 stores in the US by the start of the new year.