The stock price for Abercrombie & Fitch (ANF) fell nearly 10% after the clothing retailer offered “The Jersey Shore” star Michael “The Situation” Sorrentino and other members of the hit MTV reality show “substantial payment” if they stopped wearing Abercrombie-branded clothes.
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In a stroke of marketing genius, the clothing company has issued a formal letter to the “Jersey Shore” star, saying they’ll pay him to stop wearing their goods. “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,” an Abercrombie & Fitch spokesperson tells CNN.
“We have therefore offered a substantial payment to Michael ‘The Situation’ Sorrentino and the producers of MTV’s The Jersey Shore to have the character wear an alternate brand,” A&F continues. “We have also extended this offer to other members of the cast, and are urgently waiting a response.”
But then…the next day, this happened: The stock price for Abercrombie & Fitch (ANF) fell nearly 10% at one point on Wednesday and finished nearly 8% lower for the day.