Abercrombie to close Ruehl, amends credit pact

Abercrombie & Fitch Co (ANF.N) said on Wednesday it will close its money-losing Ruehl chain, sending its shares up 4.6 percent on relief the clothing retailer will soon focus on core brands.

Abercrombie said the closure should be substantially done by the end of the current fiscal year, which began in February.

"It has been a difficult decision to close Ruehl, a brand we continue to believe could have been successful in different circumstances," said CEO Mike Jeffries. "However, given the current economic environment, we believe it is in the best interests of the company to focus its efforts and resources on the growth opportunities afforded by our other brands, particularly internationally."

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- Posted: 2009-06-17 14:33:41

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