ABERCROMBIE & FITCH CO. BOARD, AFTER THOROUGH REVIEW, CONCLUDES BEST PATH TO INCREASED STOCKHOLDER VALUE IS AGGRESSIVE PURSUIT OF CURRENT STRATEGY
Terminates Discussions Regarding Potential Transaction
New Albany, Ohio, July 10, 2017: Abercrombie & Fitch Co. (NYSE: ANF) announced today that it has terminated discussions regarding a potential transaction. The company reported on May 10, 2017 that, after receiving expressions of interest, it had commenced preliminary discussions with several parties regarding a potential transaction.
Arthur Martinez, Executive Chairman of the Board of Abercrombie & Fitch Co. said: “After a comprehensive review of all relevant factors, with the assistance of our financial advisor, the A&F Board of Directors determined that the best path to enhance value for stockholders is the rigorous execution of our business plan.
We believe in the prospects for our business and the opportunities for our brands. We are generating solid comp store sales momentum at Hollister and continue to refine and implement strategies to position the Abercrombie brand for revitalized performance. Our strong management team and dedicated people, the investments we have made in marketing, omnichannel and other strategies to drive sales, together with our relentless focus on operational efficiencies, all contribute to our expectation for improved trends beginning in the second half of the year, compared to the prior year period.”
“We are committed to taking sound, aggressive action to deliver enhanced performance and long-term stockholder value,” concluded Mr. Martinez.
The company said it does not intend to comment any further on the above noted discussions.
About Abercrombie & Fitch Co.
Abercrombie & Fitch Co. (NYSE: ANF) is a leading, global specialty retailer of apparel and accessories for Men, Women and Kids through three renowned brands. The iconic Abercrombie & Fitch brand embodies American casual luxury. With an updated attitude that reflects the confidence of today’s 20+ consumer, Abercrombie & Fitch remains true to its 125-year heritage of creating expertly crafted products with an effortless, American style. The Hollister brand epitomizes the liberating and carefree spirit of the endless California summer for the teen market. abercrombie kids creates smart, playful apparel for children ages 3-14, celebrating the wide-eyed wonder of childhood. The brands share a commitment to offering products of enduring quality and exceptional comfort that allow consumers around the world to express their own individuality and style.
The Company operates approximately 900 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com and www.hollisterco.com.
