If you’ve become a fan of American Eagle’s MARTIN + OSA brand, you may not want to read further.
Today, the company announced that “after an extensive evaluation and review of strategic alternatives,” it will be closing all MARTIN + OSA stores and the online shopping site.
With 28 stores in all, the brand was, according to its website, inspired by Martin & Osa Johnson, who “shared a passion for life and for each other.”
They had dreams they dared to chase and they embarked on adventures, using curiosity as their compass and love as sustenance. They weren’t just alive, they lived — fully and without compromise. To this day, that what-if spirit and a refusal to settle ensures we achieve the very best. Whether it’s the most-loved cashmere, the best-fitting jeans or the softest T’s and shirts in the world, we’re passionate about what we do. And we believe you will be, too.
My guess is that’s all just hot air now.
“Although performance improved from fiscal 2008, management determined that the brand was not achieving performance levels that warrant further investment,” says American Eagle.
In fiscal 2009, MARTIN+OSA generated an after-tax loss of approximately $44 million, including a non-cash impairment charge of approximately $11 million, net of tax.