NEW YORK, NY / ACCESSWIRE / July 11, 2017 / Shares of both Macy's and Abercrombie took a nosedive on Monday, proving even more that the brick and mortar retail stores continue to struggle and face pressure. So far this year, more than 300 retailers have declared bankruptcy. The list includes Wet Seal and Payless ShoeSource. Abercrombie had said in May that it was interested in a sale, but on Monday announced all sales talk was over. Both Abercrombie and Macy's hit new lows with Abercrombie hitting a 17-year low and Macy's hitting a 7-year low.

RDI Initiates Coverage on:

Abercrombie & Fitch Co.
https://ub.rdinvesting.com/news/?ticker=ANF

Macy's, Inc.
https://ub.rdinvesting.com/news/?ticker=M

Abercrombie & Fitch Co.'s shares got destroyed yesterday after traders found out that the retailer is no longer seeking a sale. It was something investors had been optimistic over since this past May when Abercrombie said it was in talks with several parties for a potential sale. The news today was a crushing blow for traders. According to Arthur Martinez, the company's chairman, "We believe in the prospects for our business and the opportunities for our brands. We are committed to taking sound, aggressive action to deliver enhanced performance and long-term stockholder value." It was the Wall Street Journal that reported Abercrombie and the other parties could not come to an agreement on acceptable terms. The Journal had reported that Abercrombie did indeed have interest from other retailers as well as private-equity firms. The stock closed down 21.13% yesterday and hit a 17 year low during intra-day trading.

Access RDI's Abercrombie & Fitch Co. Research Report at:
https://ub.rdinvesting.com/news/?ticker=ANF

Macy's, Inc.'s shares closed down 7.05% yesterday on tremendous volume compared to usual. The stock hit a new 52-week low of $21.07 during intra-day trading. This was also a new 7-year low for the struggling department chain. The stock was one of the worst performers on the S&P 500 yesterday. Despite the company's management realigning operations and figuring out ways to curtail costs, traders are still nervous about whether bankruptcy may be in the company's future.

Access RDI's Macy's, Inc. Research Report at:
https://ub.rdinvesting.com/news/?ticker=M

Our Actionable Research on Abercrombie & Fitch Co. (NYSE: ANF) and Macy's, Inc. (NYSE: M) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com