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Abercrombie & Fitch to close up to 40 stores this year

Abercrombie & Fitch will close as many as 40 stores this year, the company said in its earnings report Wednesday.

The teen clothing retailer, which has Abercrombie & Fitch and Hollister locations at the Walden Galleria, has not yet released a list of stores slated for closure. The closings could include some Hollister or Abercrombie Kids locations.

The company also said it will open 40 new stores in its smaller-footprint format over time.

Despite seeing back-to-back growth for four quarters last year, sales at stores open more than a year dropped 2 percent last quarter.

Once a poster child for the retail apocalypse, the company had been hailed as a turnaround story after closing 29 unprofitable stores last year and moving to a smaller-scale, open-layout store concept. It also rebranded its steamy, sexy image with an all-American marketing campaign.

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