Hudson Valley Retailer Plans To Close 40 Stores
A retailer with multiple Hudson Valley locations has plans to close 40 stores in 2019.
According to CNBC, Abercrombie is planning to close 40 stores across the country during the fiscal 2019 year. Over the past 8 years, Abercrombie has closed 475 stores across the U.S. In 2018, Abercrombie closed 29 stores.
CNBC reports that Abercrombie beat the odds during its fiscal fourth quarter. Stock shares and same-store sales growth were all above Wall Street's predictions. Despite the success, roughly 50% of Abercrombie's leases across the country expire in the next few years, so more closures could come.
Abercrombie, which owns Hollister and Abercrombie & Fitch, has Abercrombie locations in Poughkeepsie and Nyack. There are Hollister locations in Poughkeepsie, Nyack, and Middletown.