Abercrombie has mismanaged this economic downturn more than any other retailer

I admit I was a bit surprised when I read this Time article, Abercrombie & Fitch: The World's Worst Recession Brand?. Mainly because, I'll be honest here, my family could rarely afford anything there in good times so I assumed that those who shopped there and had that kind of money to spend on their line of clothing were more "recession proof" than we are.

It appears that the expression, "things are tough all over" is really true. Part of the recommended article:

In this recession, there are struggling apparel retailers all across the country. Then there's Abercrombie & Fitch. The upscale teen retailer has suffered 10 straight months of double-digit same-store-sales declines. In the second quarter of 2009 alone, sales were down an eye-popping 30% across the company's three name outlets: the flagship Abercrombie brand, which has 567 stores; Hollister, a 520-store teen chain; and Ruehl, a 29-store chain for young adults that Abercrombie shut down in June. Abercrombie & Fitch lost $26.7 million, which includes $24.4 million in charges associated with the closing of Ruehl, in the second quarter. During the same period in 2008, Abercrombie scored a $77.8 million profit. "Abercrombie has mismanaged this economic downturn more than any other retailer," says Britt Beemer, CEO of America's Research Group, a retail consulting firm.