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Abercrombie & Fitch: Stock Drops After Dissing 'Jersey Shore'?

submitted on August 17, 2011 by HouTex in "Stores / Merchants"
Whether this was a serious offer or a serious mistake on the part of Abercrombie & Fitch is fodder for water cooler discussions everywhere. But it certainly did make the news. Eeek

A day after dissing The Situation, the situation for clothing retailer Abercrombie & Fitch's stock is not pretty.

The stock price for Abercrombie & Fitch (ANF) fell nearly 10% at one point on Wednesday and finished nearly 8% lower for the day. It was the first trading session after the clothing retailer offered "The Jersey Shore" star Michael "The Situation" Sorrentino and other members of the hit MTV reality show "substantial payment" if they stopped wearing Abercrombie-branded clothes.

Here's their statement:
"We are deeply concerned that Mr. Sorrentino's association with our brand could cause significant damage to our image. We understand that the show is for entertainment purposes, but believe this association is contrary to the aspirational nature of our brand, and may be distressing to many of our fans."

The retailer said it has also "extended this offer to other members of the cast."

Damage control? --> One analyst says the stock drop was more likely related to a sell-off by stockholders after management's guarded comments following recent stock gains. And, that A&F was "just cashing in on 'Jersey Shore' fame."


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