Abercrombie & Fitch to Close Up to 50 U.S. Stores

Teen retailer Abercrombie & Fitch said Friday it plans to close 40 to 50 of its U.S. stores this year as the company's shares took a nosedive following lukewarm sales over the holiday shopping season, a crucial time for retail chains. Comparable store sales at Abercrombie's U.S. stores fell 1 percent in the fourth quarter, furthering previous declines in the company's selling power.