How Did Snapchat Do?
As you probably know by now, Snap Inc., Snapchat’s parent company, went public yesterday. The company opened at $17 a share, and launched to the public on the NYSE around 11 AM for $24.48 a share. It’s currently valued at $26 before the market opens. That makes the company valued at around $30 billion, or several billion over their initial $24 billion IPO valuation. For more information on $SNAP, read our primer on the six numbers to know for the stock’s IPO.
hhgregg and Abercrombie & Fitch to Close 148 Total Stores.
hhgregg ($HGG), the lesser-known electronics chain, is closing 88 stores. The company’s stock was recently delisted from the New York Stock Exchange for trading at too low of a price. The locations (including distribution centers) are considered “underperforming” and less-than-desirable shopping destinations. The closures represent nearly 40% of the company’s total locations.
Abercrombie & Fitch ($ANF), the clothing store that used to be in every mall, is closing 60 locations. The company will also likely close more locations in the near future, as they have over 700 leases up for renewal by the end of 2018. The chain closed 53 stores last year due to declining in-store foot traffic.
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