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Abercrombie & Fitch is no longer for sale, sending stock plunging to 17-year low

Abercrombie & Fitch has decided that it no longer wants to shop itself. The teen apparel retailer said Monday it has ended discussions about a possible sale. It was only two months ago that the company had put itself on the shopping block.

Shares of Abercrombie & Fitch (ANF) plunged nearly 20% in early trading on the news to their lowest levels since mid-2000. The stock is now down almost 90% from the all-time highs it hit in 2007.

But A&F chairman Arthur Martinez said in a press release that the retailer "determined that the best path to enhance value for stockholders is the rigorous execution of our business plan."

He noted that the company's Hollister brand was showing momentum and that there were strategies in place to revitalize the core A&F brand.

Wall Street remains understandably skeptical. Shoppers have largely stayed away from the...