American Eagle Outfitters Inc. has announced that it will shut down it's Martin + Osa stores by this summer following months of speculation. The chain has grown to include 28 stores plus an online store. The official statement said that the project generated an after-tax loss of about $44 million in the most recent fiscal year, which ended in January.
"Closing Martin + Osa was a difficult decision, particularly in light of the progress that was made over the past year," said Jim O'Donnell, chief executive officer, in the official statement. "However, it is in the best interest of our company and stakeholders to focus our efforts on the brands that capitalize on our strengths and have the highest potential."
The bottom line? Shop now or forever hold your peace.
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