Retail giant, Abercrombie and Fitch (ANF), underwent a dramatic slump today when stocks dropped 9%. This plunge comes immediately after the clothing retailer reportedly offered ‘Jersey Shore’ star, Michael “The Situation” Sorrentino, a hefty sum to stop wearing Abercrombie and Hollister branded clothing.
Abercrombie chose to release the following statement regarding the situation with The Situation:
“We are deeply concerned that Mr. Sorrentino’s association with our brand could cause significant damage to our image. We understand that the show is for entertainment purposes, but believe this association is contrary to the aspirational nature of our brand, and may be distressing to many of our fans.”
In addition, Abercrombie kindly “extended this offer to other members of the [Jersey Shore] cast.”
For more information on the story, visit the CNN Money.