Abercrombie & Fitch to Slash Expenses by $200M, Issue $300M in Bonds
As the aftershocks of the coronavirus pandemic -- and hints of a possible second wave -- ripple through the economy, Abercrombie & Fitch (NYSE: ANF) continues to extend its cost-cutting measures, while preparing to sell $300 million worth of bonds. The company described its latest actions in a Current Report filed today with the Securities and Exchange Commission (SEC).
Abercrombie & Fitch states in the filing it is "significantly reducing expenses to better align operating costs with sales," which it projects will lead to "an approximately $200 million reduction in annualized expenses for fiscal 2020." Some of the measures it's adopting to meet this goal include employee "payroll actions" along with its ongoing suspension of dividends.
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Source Fool.com
