Abercrombie Closing 60 Stores

Abercrombie & Fitch Co. (New Albany, Ohio) announced that it will be close up to 60 stores throughout the country, representing about 8 percent of its national store count. Information was not yet available regarding which store locations will close.

The news comes as the retailer reported second-quarter earnings that were lower than analysts had expected. The retailer posted declines in U.S. and international sales and a loss of $13.1 million, causing shares to drop more than 20 percent.

Some of the drop in sales is attributed to decline in tourist spending, so the company has been investing in new marketing approaches and products to try to turn business around, reports The Associated Press.