Abercrombie & Fitch will close 60 stores to aid successful turnaround

Abercrombie has pleased Wall Street of late with a well-disciplined turnaround strategy. Yesterday, the retailer reported that its fourth quarter same-store sales grew 9 percent, boosted by 11 percent growth at its Hollister stores. Nevertheless, to keep performance on track, the company said it will close as many as 60 stores this year between its Abercrombie and Hollister banners.