Abercrombie & Fitch Issues 150 Pink Slips

(RTTNews) - Struggling apparel retailer Abercrombie & Fitch Co. (ANF) has laid off 150 employees at the corporate level.

"As part of our ongoing cost reduction initiatives and after careful consideration, the company has eliminated approximately 150 positions at the corporate levels to ensure we are structured appropriately for the current retail environment," the company said.

"We appreciate the contributions these associates have made while with Abercrombie & Fitch and we will make certain that they are treated fairly and with respect through this process."

Abercrombie employees around 2,200 employees at its headquarters.

Several apparel retailers have been struggling lately as traffic continues drop with teens preferring fast-fashion apparel retailer such as H&M and Forever 21 or online shopping.