American Eagle to Close 150 Stores
On the heels of disappointing results for the first quarter of fiscal 2014, American Eagle Outfitters Inc. has decided to close 150 stores in the U.S., including 100 namesake stores. For 2014, the company is planning to close approximately 50 American Eagle and 20 aerie stores in North America. Beginning in 2015, the company anticipates annualized after-tax savings of approximately $10 million to $15 million related to these store closures. American Eagle's net income plummeted 86 percent to $3.87 million from $27.98 million. Total net revenue fell 5 percent to $646.13 million from $679.48 million.