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Abercrombie Advances After Call for New CEO, Possible Sale

Abercrombie & Fitch Co. gained after investor Engaged Capital LLC urged the teen-clothing retailer to start a search for a new chief executive officer and consider selling the company.

The shares rose 5.8 percent to $35.99 at the close in New York after Engaged Capital said in a letter to Abercrombie’s board that there’s “no qualified successor” to Chief Executive Officer Michael Jeffries, whose contract expires Feb. 1. Jeffries is a “major stumbling block” to a potential sale of the company to private equity, Engaged Capital said.