Shares for New Albany-based Abercrombie & Fitch Co. tumbled Monday after news that the struggling retailer decided against selling its business.
Shares fell as much as 20 percent Monday morning after the preppy teen retailer said it had ended discussions with several potential buyers.
"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 board chairman Arthur Martinez said in a Monday press release.
In walking away from the bargaining table without a deal, Abercrombie likely faces more tough decisions.
The brand known for popped collars and in-store models was a retail mainstay in the '90s and early 2000s, but has seen sales plummet amid a shifting retail marketplace, and after comments from a former CEO about only marketing to thin, good-looking customers.
The company has since taken strides to appeal to more consumers with more inclusive branding, but sales and share prices remain down.
Earlier this year, Abercrombie laid off 150 workers at its New Albany headquarters.
