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Abercrombie & Fitch Plunges After Ending Talks With Potential Buyers

Abercrombie & Fitch (ANF) said talks for a potential sale have been terminated following a review, sending the teen apparel retail's shares down over 15% in morning trading.

TERMINATION OF SALE TALKS: Abercrombie & Fitch announced that it terminated discussions regarding a potential deal. The decision came after Abercrombie said in May that it was in preliminary discussions with several parties. "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," Abercrombie Executive Chairman Arthur Martinez said. Peer American Eagle Outfitters (AEO) and Cerberus Capital Management had been working on a joint offer, according...