American Eagle to Close All 28 Martin+Osa Stores
Posted on March 10, 2010
American Eagle Outfitters has confirmed rumors that it will close its Martin+Osa concept stores. American Eagle plans close all 28 stores and the online business. The company will now focus its efforts and resources on the American Eagle family of brands including, AE, aerie and 77kids.
"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. "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. I am extremely proud of the innovation, hard work and dedication displayed by the Martin+Osa team, and I am grateful for their achievements. I want to personally thank our associates and external partners for their contributions. Creating new brands is never an easy endeavor. The valuable lessons and experiences we gained will serve us well, as we continue to develop and launch new lifestyle brands."
American Eagle says it expects the store closures to be substantially completed by the end of its second fiscal quarter, which means the end of July.