abercrombie & fitch co-cl a (ANF) Key Developments
American Apparel Reportedly Needs Merger
Jul 6 14
American Apparel, Inc. (AMEX:APP) may need to find a merger candidate or a retailer to buy it out, reported 24/7 Wall St citing person familiar with the situation. Battles between current creditors could put American Apparel in the untenable position of having several lenders insist that it pay their loans all at the same time. The tug-of-war over control of American Apparel has already gotten violent. Lion Capital LLP has indicated it is ready to take legal measures to ensure that American Apparel makes the payment, pending last-minute negotiations with one of the clothing company’s most important shareholders, the hedge fund Standard General L.P., reported The New York Times citing one person with knowledge of the situation. If these lenders believe that American Apparel is not a prospect for success as a standalone company, they may allow the calls on their loans to push the value of common shares to zero, essentially taking over the company. At that point, they would face having to add new management, and perhaps a new board, to run American Apparel as an independent operation. This would probably involve in infusion of more money, or at least a restructuring of debt to extend payment terms. Or they could seek a healthier partner. There are several places American Apparel could turn for such a marriage. Among them is Abercrombie & Fitch Co. (NYSE:ANF) and Urban Outfitters Inc. (NasdaqGS:URBN). In either case, if the sale is driven by creditors, there is a very good chance common stockholders will get nothing.
Abercrombie & Fitch Names Christos Angelides Brand President of Abercrombie & Fitch and Abercrombie Kids
Jun 10 14
Abercrombie & Fitch Co. announced that Christos Angelides has been named President of its Abercrombie & Fitch and abercrombie kids brands, a position he is expected to take up in October 2014. Mr. Angelides, 51, will report to A&F Chief Executive Officer Mike Jeffries and will have overall responsibility for all product and customer-facing activities for the Abercrombie & Fitch and abercrombie kids brands. He will also be accountable for the financial performance of the brands. Mr. Angelides has spent his entire career with Next plc, where he has most recently served as Group Product Director since August 2000.
Abercrombie & Fitch Co. Announces the Resignation of Leslee K. Herro as Executive Vice President of Merchandise Planning, Inventory Management and Brand Senses
Jun 2 14
On May 31, 2014, the resignation of Leslee K. Herro as Executive Vice President of Merchandise Planning, Inventory Management and Brand Senses at Abercrombie & Fitch Co. became effective. Ms. Herro will remain with the company for a period in a non-named executive officer capacity providing advice and counsel to the company’s Leadership team and completing certain special projects.
Abercrombie & Fitch Co. Presents at William Blair & Company's 34th Annual Growth Stock Conference, Jun-11-2014 10:40 AM
May 30 14
Abercrombie & Fitch Co. Presents at William Blair & Company's 34th Annual Growth Stock Conference, Jun-11-2014 10:40 AM. Venue: Four Seasons Hotel, 120 East Delaware Place, Chicago, Illinois, United States. Speakers: Jonathan E. Ramsden, Chief Operating Officer and Executive Vice President.
Abercrombie & Fitch Announces Plans to Open Stores for the Year 2014; Expects to Close Between 60 and 70 Stores in the U.S. During the Fiscal Year
May 29 14
Abercrombie & Fitch announced for the year 2014, the company plans to open 4 additional stores in China, including a mall-based A&F store in Chengdu and preparing for an accelerated rollout for both brands in 2015. For 2014, the company plans to open 2 additional Hollister stores in Japan, 1 at LaLaport Tokyo Bay and the other in Kobe, and it sees significant growth opportunity, given iearly success. During 2014, the company expects to open 15 full-priced international stores, including a small number of A&F mall-based stores. The company also now plan to open 8 to 10 international and U.S. outlet stores during the year.
The company expects to close between 60 and 70 stores in the U.S. during the fiscal year through natural lease expirations.