Abercrombie & Fitch (ANF) said talks for a potential sale have been terminated following a review, sending the teen apparel retail’s shares down over 15% in morning trading.

TERMINATION OF SALE TALKS: Abercrombie & Fitch announced that it terminated discussions regarding a potential deal. The decision came after Abercrombie said in May that it was in preliminary discussions with several parties. “After a comprehensive review of all relevant factors, with the assistance of our financial advisor, the A&F board of directors determined that the best path to enhance value for stockholders is the rigorous execution of our business plan,” Abercrombie Executive Chairman Arthur Martinez said. Peer American Eagle Outfitters (AEO) and Cerberus Capital Management had been working on a joint offer, according to a Women’s Wear Daily report in June, which added that Sycamore was “playing the field” and was also looking to Express (EXPR) and BCBG.

WHAT’S NOTABLE: Mall-based retailers like Abercrombie & Fitch have been hurt by the increasing popularity of fast-fashion retailers like Zara, Forever 21 and H&M, as well as an increase in online shopping on sites such as Amazon (AMZN). Urban Outfitters (URBN) CEO Richard Hayne commented that sluggish sales are “impacting virtually all U.S. brick-and-mortar retailers. There are simply too many stores and too many malls in North America,” he said, after the company reported weak results for the first quarter. Hayne said the company expects to see “more closures and brands disappear until a healthier balance is reached.” Earlier in the year, Gap (GPS) said it would take steps to better position the company for improved business performance and that it was identifying opportunities to streamline its operating model to be “more efficient and flexible.” Meanwhile, bebe (BEBE) secured deals with landlords in May to shutter all of its stores, allowing it to avoid bankruptcy and continue to sell products online. Abercrombie said in May it expects to close about 60 stores in the U.S. in fiscal 2017 through natural lease expirations. The retailer has said it expects comparable sales to remain challenging in the second quarter, with trends improving in the second half of the year, as well as a continued adverse impact on sales and operating income from foreign currency.