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ANF Abercrombie Ftch-A

13.51 0.84 (+6.60 %)

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Abercrombie & Fitch shares soared by 14% to $14.50 ahead of Wednesday’s opening bell after a Reuters report said the teen retailer hired an investment bank to assess takeover interest.

Any potential suitor should be able to get a favorable price for the company, at least compared with a year ago. Abercrombie has plunged by 61% since reaching a 16-month high in March 2016.

The decision comes at a time when US retailers are closing stores and filing for bankruptcy at rates not seen since the financial crisis. As online sellers continue to take a bite out of their brick-and-mortar counterparts, companies like Abercrombie are scrambling to stay afloat.

The company announced back in…