Abercrombie says it's off the block and shares plunge

NEW YORK -- The teen retailer Abercrombie & Fitch says it's no longer looking to sell the company and shares are down 11 per cent before the opening bell.

Abercrombie said in May that it was it in talks with several parties about a potential deal, but said Monday that it has ended all such negotiations.

More people are shopping at lower-cost, fast-fashion stores like H&M and Forever 21, and that has wreaked havoc on one-time mall mainstays like Abercrombie & Fitch Co.

The New Albany, Ohio, company says sales remain strong at its surf-inspired Hollister brand and is continuing to work on improving the performance at Abercrombie.

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