US fashion giant Abercrombie & Fitch has enlisted the help of an investment bank as it prepares for acquisition offers, according to Reuters.
Following 16 consecutive quarters of declining sales, the fashion retailer is preparing to receive offers from potential buyers seeking to take advantage of the brand’s 17-year low share price.
The retailer has also hired Perella Weinberg Partners to take on impending acquisition offers.
Abercrombie & Fitch boasts a global estate of over 900 stores — four of which are in the UK — and also owns Hollister, upon which it based its turnaround strategy due to its more promising sales figures.
In the quarter ending January 28, net sales dropped from £900 million to £850 million from the prior three months.
Net income also dropped from £46.97 million to £39.74 million, along with a share price drop of 14 cents per share.
Despite its plans for a turnaround, the retailer has announced plans to downsize its portfolio, pulling the shutters on around 60 shops in the US.