Abercrombie & Fitch (ANF) CEO says company entered period of uncertainty with healthy liquidity position
- Google lifts Nasdaq as focus turns to Fed
- Alphabet (GOOGL) Crushes Q2 Expectations to Send Shares Higher as Search and YouTube Excel, Attracts a New Street-High Price Target
- Apple (AAPL) Delivers Blowout Q3 Earnings but Shares Fall on Supply Chain Constraints, Analysts Still Raise PTs
- Senators reach deal on major points of U.S. infrastructure bill
- Microsoft (MSFT) Tops FQ4 Views and Offers Strong Guide Led by Azure, Analysts Raise Numbers and PTs
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Abercrombie & Fitch Co. (NYSE: ANF) today announced updates in response to the continued spread of COVID-19.
With the well-being of its customers, associates and communities in mind, and to help limit the spread of the virus, Abercrombie & Fitch Co. will continue to keep stores outside of the APAC region temporarily closed until further notice. The Company will continue to follow the guidance of local governments and health organizations to determine when it can reopen its stores across North America and the EMEA region.
The Company’s stores in the APAC region across all its brands are currently open. The Company’s online stores remain open in all regions.
Fran Horowitz, Chief Executive Officer, said, “We entered this period of unprecedented uncertainty with a healthy liquidity position and are taking immediate, aggressive and prudent actions, including reevaluating all expenditures to enhance our ability to meet the business’ short-term liquidity needs, in order to best position the Company for our key stakeholders, including our associates, customers and shareholders. We are partnering with our vendors, landlords, and lenders to preserve liquidity and mitigate risk during the COVID-19 outbreak.”
As of February 1, 2020, the Company had $671 million in cash and cash equivalents. As a precautionary measure, on March 25, 2020, the Company initiated the process to borrow $210 million under its senior secured asset-based revolving credit facility to improve its cash position. In addition, last week the Company withdrew the majority of excess funds from its Rabbi Trust, providing the Company with approximately $50 million of additional cash.
The Company will also not undertake any share buybacks for the foreseeable future.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Abercrombie Showcases its Customers and Fans in New ‘Denim Your Way’ Campaign
- Boeing (BA) Earnings Beat Marks a Multi Year Inflection to Potential Upside Surprises
- Bright Health Group (BHG) Appoints Andy Slavitt to its Board
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Stock Buybacks
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!