Soon a graphic T-shirt-sized hole will appear in the hearts of teenagers across America. That’s because American Eagle Outfitters is gearing up to shut down more than 100 stores.
Citing weak sales and increased markdowns, the teen retailer announced Wednesday that it plans to shutter 150 stores over the next three years, Bloomberg Businessweek reports.
The retailer currently operates more than 1,000 American Eagle Outfitters and aerie stores in the United States. Of the 150 stores set to close, the company plans to close about 50 AE stores and 20 aerie stores by the end of 2014.
Officials with the company expect the closings to generate an approximate annual savings of $10 to $15 million.
American Eagle to close stores after weak 1Q [Bloomberg Businessweek]