AEO Signs ‘Open to All’ Pledge

Communities of color are being disproportionately impacted by #COVID19. That’s why AEO Inc. is signing Open to All’s #COVID19 Corporate Response Letter, pledging to combat racial disparities and discrimination as a result of the pandemic. The letter encourages all businesses and corporations who sign to work to combat racial disparities and denounce anti- Asian American and Pacific Islander racism in their communities.

Open to All is a nondiscrimination campaign that believes everyone should be welcome regardless of race, ethnicity, national origin, sex, sexual orientation, gender identity and expression. AEO is one of 23 businesses from companies from across the country who have signed the letter, which was written in response to data that showed COVID-19 is resulting in a sharp rise of Anti-Asian racism and is killing far greater numbers of Black, Latinx/Hispanic people, as well as Pacific Islanders.

AEO is proud to support Open to All’s campaign and will ensure our stores and offices continue to be a place of welcome for all.

Glossy: How Aerie Established a TikTok Following in Two Weeks

After launching a TikTok account two weeks ago, Aerie is going all in on the platform.

When Aerie closed all of its U.S. and Canada stores and most employees started working from home, on March 17, the brand began focusing on how to evolve its marketing strategy to bring more positivity to customers without overselling product. Like many brands, TikTok wasn’t something the company had tried prior to quarantine orders, but it had been on the marketing team’s radar for a while. Plus, with a pool of big name brand ambassadors like Iskra Lawrence, Denise Mercedes and Charli D’Amelio, the team knew Aerie could draw some high engagement on TikTok.

“We know we have a heavily Gen-Z [audience] and we knew we could have an influence by creating content that made you feel like staying home, expressing yourself and being comfy at home,” said Stacey McCormick, svp of Aerie marketing.

On April 15, a day after launching its TikTok account, Aerie kicked off a sponsored #AerieRealPositivity hashtag challenge. The challenge, which is ongoing, asks users to post a video sharing three things they’re thankful for and upload the video with the sponsored hashtag. TikTok influencer Charli D’Amelio kicked off the challenge, posting a video both to her own 51.5 million followers (which received 3.3 million likes and 21.8 million views) and to Aerie’s account (nearly 10,000 likes and 76,700 views).

In the two weeks after the challenge went live, Aerie earned 17,400-plus followers. There were 6,600 videos that were posted with the challenge hashtag, which together saw more than 1.3 billion views. While the brand did not share specifics on the cost, sponsored TikTok hashtag challenges cost $150,000 for six days, according to Influencer Marketing Hub. The week of April 15, Aerie also reported 16,000 new Instagram followers (a 1,000% increase, compared to an average week) and a significant increase in traffic to the #AerieReal Life homepage, with 138,000 views in a single day. The brand declined to share traffic numbers for a normal day.

While many brands have been dabbling in TikTok over the last six weeks, Aerie is one of the few on the fashion side to put money behind a paid campaign. Beauty brands have been all over TikTok in recent weeks, and luxury fashion brands are also rushing to the platform as a way to connect with Gen-Z customers. In 2019, the TikTok app had 46 million downloads in the U.S., accounting for roughly 6% of all global downloads, per Influencer Marketing Hub.

“When we realized the positivity challenge was something we could do, we knew we could amplify it in a big way on TikTok. We had already been planning to work with Charli, and thought that having her organically share it on her TikTok would be great — but we knew if we amplified it even more [with a sponsored challenge], it could resonate so much more and make a big statement,” said McCormick.

Another reason why McCormick believes the challenge has been so successful is that the brand created an original song, called “100% Real Love,” to be used with the challenge. Beauty brands like E.l.f. Cosmetics have seen success going this route — creating a catchy song that ends up in the background of thousands of popular videos.

“On TikTok, advertisers who appeal to this elusive generation with fresh, timely content will be seen as the cool new friend. However, such brands must continue to innovate how they engage with this generation through social media in order to stay relevant,” said Eric Oldfield, chief business officer at social learning network Brainly.

After seeing strong results from this first paid effort, Aerie is working to incorporate other types of TikTok videos into the feed. Some will be focused on the role models, and others will be more product-focused. Last week, one of Aerie’s stylists appeared on the brand’s page showing four ways to wear a new ribbed knit skirt.

“It’s just a no-brainer to continue [hosting challenges] and look for new, fun ways to be on TikTok. There are just so many ways we can share the brand, whether that is through product messaging, role model content or just more positivity,” said McCormick.

Come Together: At Home with AE

American Eagle is excited to kick off a virtual concert series, Come Together: At Home with AE, to raise awareness for America’s Food Fund (AFF), a non-profit organization committed to battling food insecurity in America. Food insecurity is growing at a rapid pace due to the COVID-19 pandemic and will continue to remain a lasting issue. 

During each show, our AE community will be able to donate to America’s Food Fund—and we will match donations up to $100,000!

The concert series will kick off Sunday, April 26 at 7PM EDT with a surprise artist on AE’s Instagram Live and will continue in the coming weeks with additional artists taking the “virtual stage.” Viewers can tune in from the comfort of their home and can stay connected as new acts are added to the lineup. 

The three-week series will be livestreamed on the American Eagle Instagram, Facebook, and YouTube channels. 

The Come Together: At Home concert series will lead up to the #AExME Prom on the evening of May 14. The virtual prom will feature an exciting host, surprise chaperones, a chance to learn a TikTok dance and a special performance from an At Home concert series artist, among many other surprises!

AEO Inc. Announces Pricing of $400 Million Private Offering of Convertible Senior Notes Due 2025

PITTSBURGH — (BUSINESS WIRE) — American Eagle Outfitters, Inc. (NYSE: AEO) today announced the pricing on April 22, 2020 of its offering of $400,000,000 aggregate principal amount of 3.75% convertible senior notes due 2025 (the “notes”) in a private offering only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). AEO also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional $60 million aggregate principal amount of notes in the private placement. The issuance and sale of the notes is scheduled to settle on or about April 27, 2020, subject to customary closing conditions.

The notes will be unsecured, unsubordinated obligations of AEO and will accrue interest at a rate of 3.75% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020. The notes will mature on April 15, 2025, unless earlier repurchased, redeemed or converted. The notes will be convertible by the noteholders prior to the close of business on the business day immediately preceding January 15, 2025 only under certain circumstances and during certain periods, and irrespective of those circumstances, will be convertible by the noteholders on or after January 15, 2025 until the close of business on the second scheduled trading day immediately preceding April 15, 2025. The initial conversion rate will be 114.2988 shares of AEO’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $8.75 per share of AEO’s common stock, which represents a premium of approximately 30% over the last reported sale of $6.73 per share of AEO’s common stock on April 22, 2020), subject to adjustment in certain circumstances. Upon conversion, the notes may be settled, at AEO’s election, in cash, shares of AEO’S common stock or a combination of cash and shares of AEO’s common stock.

The notes will also be redeemable, in whole or in part, for cash at AEO’s option at any time, and from time to time, on or after April 17, 2023 in certain circumstances at a redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, in certain limited circumstances, noteholders may require AEO to repurchase their notes for cash for a repurchase price equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

AEO estimates that the net proceeds from the offering will be approximately $389.4 million (or approximately $448.1 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. AEO intends to use the net proceeds from the offering for general corporate purposes.

The offer and sale of the notes and any shares of AEO’s common stock issuable upon conversion of the notes have not been registered under the Securities Act or any other applicable securities laws. As a result, the notes and the shares of AEO’s common stock, if any, issuable upon conversion of the notes will be subject to restrictions on transferability and resale and may not be offered, transferred or sold except in compliance with the registration requirements of the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

This press release does not and will not constitute an offer to sell, or the solicitation of an offer to buy, the notes, any shares of AEO’s common stock issuable upon conversion of the notes, or any other securities, nor will there be any sale of the notes or any such shares or other securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. Any offer will be made only by means of a private offering memorandum.

About American Eagle Outfitters, Inc.
American Eagle Outfitters, Inc. (NYSE: AEO) is a leading global specialty retailer offering high-quality, on-trend clothing, accessories and personal care products at affordable prices under its American Eagle® and Aerie® brands.  Our purpose is to show the world that there’s REAL power in the optimism of youth. The company operates more than 1,000 stores in the United States, Canada, Mexico, and Hong Kong, and ships to 81 countries worldwide through its websites. American Eagle and Aerie merchandise also is available at more than 200 international locations operated by licensees in 24 countries.

Forward-Looking Statement
This press release includes forward-looking statements, including statements regarding the completion of the offering and the expected amount and intended use of the net proceeds. Forward-looking statements represent AEO’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, and there can be no assurance that future developments affecting AEO will be those that it has anticipated. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to AEO’s business, including those described in periodic reports that AEO files from time to time with the Securities and Exchange Commission. AEO may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and AEO does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.

Contact Information
Olivia Messina
412-432-3300
LineMedia@ae.com

Honoring the 50th Anniversary of Earth Day!

At AEO, we are committed to youth and their optimism toward the future, so building a better world for generations to come is fundamental to our brands, values and purpose. This Earth Day, AEO is proud to recognize our community partners and the practices we’ve implemented to create more sustainable ways of working. Last year, AEO unveiled a comprehensive plan to be carbon neutral by 2030, with a commitment to water reduction, energy reduction and the use of more sustainable raw materials. Our sustainability goals include:

  • Achieve carbon neutrality in our operations by 2030, taking full responsibility to reduce or replace all energy used in stores, corporate offices, distribution centers & business travel.
  • Work with our manufacturers to reduce the carbon footprint in our supply chain by 40% by 2030 & 60% by 2040
  • Reduce water use per jean production by 30%, recycle 50% of our total water used in denim laundries, and ensure factories, mills and laundries we use uphold our wastewater standards.
  • Source 100% of cotton fiber from growers using sustainable farming techniques, ensure at least 50% of our polyester fiber is sustainable and commit to sourcing 100% of our viscose from sustainably managed forests.

How We’re Giving Back this Earth Day: Our Partnership with One Tree Planted

This year, AE and Aerie are partnering with One Tree Planted to underwrite and plant 5,000 trees. Since 2019, AE, Aerie and our customers have supported One Tree Planted in growing more than 155,000 trees. Our trees are being planted in locations all around the world, including:

  • Mendocino, CA as part of the Redwood Valley Complex Fire Restoration Project
  • The Pacific Northwest as part of the Orca Whale Project
  • Ontario, Canada, to transform idle land into thriving forests
  • Arkansas as part of the U.S. Forest Service’s Ozark Shortleaf Planting Project.

Why Trees? Trees clean our air, filter our water, give homes to a variety of Earth’s biodiversity, provide jobs to more than one billion people, absorb carbon and make up 25% of all medicines!

Our Community Partners

We’d also like to recognize a few organizations supported by AEO and the AEO Foundation which are empowering young people to act as stewards for our planet and are providing places of solace for our AEO associates.

  • Pittsburgh Parks Conservancy – their mission is to improve the quality of life for the people of Pittsburgh by restoring the park system.
  • Green Guerillas – helps grassroots groups obtain the materials, volunteers and funding they need to sustain colorful community gardens and bountiful urban farms in NYC.
  • One Million Trees Mississauga– their goal is to plant one million trees by 2032.
  • Golden Gate National Parks Conservancy – one of the world’s largest national parks in an urban setting, 80,000 acres north and south of the Golden Gate Bridge.
  • Hazleton Rails to Trails – four+ mile long trail developed along abandoned rail beds with breathtaking views.
  • Franklin County Conservation District – educates residents of Franklin County through various services and programs about natural resources in order to help create environmentally literate Kansans for the future.

 Building a Better, More Sustainable World

The improvements AE and Aerie are making will contribute to a healthier planet. We don’t have all of the answers, but we’re proud of the following initiatives:

  • Spearheading critical sustainability initiatives within garment manufacturing.
  • Reducing the use of plastic in stores and shift to recycled plastic content where possible.
  • Upholding a commitment to recycling and paper reduction in our owned facilities.
  • Encouraging customers to reduce apparel waste through jeans recycling in American Eagle stores and bra recycling in Aerie stores.
  • Evolving American Eagle and Aerie products to drive innovation, including the use of recycled plastic in product fabrications across both brands.

For more information and regular updates on AEO’s sustainability efforts, visit aeo-inc.com/sustainability or head over to our American Eagle and Aerie blogs.

AEO Inc. Announces Proposed Private Offering of Convertible Senior Notes Due 2025

PITTSBURGH — (BUSINESS WIRE) — American Eagle Outfitters, Inc. (NYSE: AEO) today announced its intention to offer, subject to market and other conditions, $400 million aggregate principal amount of convertible senior notes due 2025 (the “notes”) in a private offering only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). AEO also intends to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional $60 million aggregate principal amount of notes in the private placement. AEO intends to use the net proceeds from the proposed offering for general corporate purposes.

The notes will be unsecured, unsubordinated obligations of AEO, will accrue interest payable semi-annually in arrears and will mature on April 15, 2025, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. AEO will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at AEO’s election. The notes will also be redeemable, in whole or in part, for cash at AEO’s option at any time, and from time to time, on or after April 17, 2023 in certain circumstances. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.

The offer and sale of the notes and any shares of AEO’s common stock issuable upon conversion of the notes have not been registered under the Securities Act or any other applicable securities laws. As a result, the notes and the shares of AEO’s common stock, if any, issuable upon conversion of the notes will be subject to restrictions on transferability and resale and may not be offered, transferred or sold, except in compliance with the registration requirements of the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

This press release does not and will not constitute an offer to sell, or the solicitation of an offer to buy, the notes, any shares of AEO’s common stock issuable upon conversion of the notes, or any other securities, nor will there be any sale of the notes or any such shares or other securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. Any offer will be made only by means of a private offering memorandum.

About American Eagle Outfitters, Inc.
American Eagle Outfitters, Inc. (NYSE: AEO) is a leading global specialty retailer offering high-quality, on-trend clothing, accessories and personal care products at affordable prices under its American Eagle® and Aerie® brands. Our purpose is to show the world that there’s REAL power in the optimism of youth. The company operates more than 1,000 stores in the United States, Canada, Mexico, and Hong Kong, and ships to 81 countries worldwide through its websites. American Eagle and Aerie merchandise also is available at more than 200 international locations operated by licensees in 24 countries.

Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering and the intended use of the proceeds. Forward-looking statements represent AEO’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, and there can be no assurance that future developments affecting AEO will be those that it has anticipated. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of AEO’s common stock and risks relating to AEO’s business, including those described in periodic reports that AEO files from time to time with the Securities and Exchange Commission. AEO may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offer or the notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and AEO does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.

Contact
Olivia Messina
412-432-3300
LineMedia@ae.com

AEO Inc. Names Mike Mathias EVP, Chief Financial Officer

PITTSBURGH — (BUSINESS WIRE) – American Eagle Outfitters, Inc. (NYSE: AEO) today announced that Mike Mathias has been appointed Executive Vice President and Chief Financial Officer, effective immediately.  Bob Madore, AEO’s current Chief Financial Officer, is leaving the company.  He will remain with AEO in a senior advisory role reporting to Jay Schottenstein, Executive Chairman of the Board and Chief Executive Officer, through September 2020.

“I would like to thank Bob for his leadership and many contributions to AEO.  We appreciate his guidance to ensure a smooth transition and wish him well in his future endeavors,” said Jay Schottenstein.

Mike Mathias most recently served as AEO’s Senior Vice President and head of Financial Planning & Analysis and has more than 20 years of experience in the retail sector, spanning finance, merchandise planning, strategy, business development and operations.  In his new role, Mike will oversee all aspects of finance, including financial planning, accounting, tax, internal audit, treasury and merchandise planning.  He will serve as a member of the executive leadership team and report directly to Jay Schottenstein.

“I’m excited to appoint Mike to this role, a position he has been groomed for over the past several years.  Mike’s deep knowledge of our business, combined with his operational and financial expertise, has been invaluable to our team as we manage through COVID-19.  We know his strategic leadership will continue to be instrumental to AEO as we position ourselves for continued profitable growth,” said Jay Schottenstein.

About Mike Mathias

Since 2017, Mike has served as AEO’s Senior Vice President, Financial Planning & Analysis, reporting directly to the Chief Financial Officer.  Mike started his career with AEO in 1998 as Manager of Finance for stores and operations, rising through the organization with progressive leadership positions across finance and operational areas including e-commerce, store finance, Aerie planning, strategy and business development.  From 2016 to 2017, he departed AEO to serve as VP, Financial Planning and Analysis at General Nutrition Centers, Inc.  Mike began his career at the May Company, and holds a Bachelor of Science from Carnegie Mellon University and a Master of Business Administration from the University of Pittsburgh.

# # #

 About American Eagle Outfitters, Inc.

American Eagle Outfitters, Inc. (NYSE: AEO) is a leading global specialty retailer offering high-quality, on-trend clothing, accessories and personal care products at affordable prices under its American Eagle® and Aerie® brands.  Our purpose is to show the world that there’s REAL power in the optimism of youth. The company operates stores in the United States, Canada, Mexico, and Hong Kong, and ships to 81 countries worldwide through its websites. American Eagle and Aerie merchandise also is available at more than 200 international locations operated by licensees in 24 countries. For more information, please visit www.aeo-inc.com.

CONTACT 

Olivia Messina
412-432-3300
LineMedia@ae.com

REAL Good: AE and Aerie’s Feel-Good, Good-for-the-Planet Materials

Helping to build a better world for all of our stakeholders is fundamental to AEO’s  brands, values and purpose. By taking measures to ensure more responsible product sourcing, we’re able to do our small part in creating a better future for generations to come. As part of AEO’s broader sustainability goals, which include a comprehensive plan to be carbon neutral by 2030, we’ve made a commitment to move towards more sustainable raw materials and manufacturing techniques.

Customers shopping on ae.com and aerie.com are now able to identify responsibly sourced styles with the “REAL Good” badge. This icon is featured on products made from more sustainable, raw materials like recycled fabrics, natural dyes, and pesticide-free textiles. It also designates products that are manufactured in a factory that meet expectations for AEO’s Water Leadership Program, an initiative that focuses on water reduction and water recycling.

Select Aerie swim styles feature REPREVE® fibers made from recycled plastic bottles. So far, we have been able to recycle 1.2 million plastic bottles with the REPREVE® fibers in our swimsuits.

Select AE denim styles have been made using polyester from recycled plastic water bottles. In 2019, we used the equivalent of 40 million plastic water bottles in our denim fabrication.

Learn more about the REAL Good initiative on the AE blog and Aerie blog and see the collection at ae.com and aerie.com.

American Eagle & Aerie Partner With America’s Food Fund

Food insecurity is growing at a rapid pace, because of COVID-19. We are proud to share that American Eagle and Aerie are partnering with America’s Food Fund, to help ensure reliable access to food. Our most vulnerable populations — children who are out of school and rely on school lunch programs, low-income families, the elderly, and individuals facing job disruptions — face significant barriers to receiving safe and consistent access to meals.

Our customers also have the option to make a donation every time they shop ae.com and aerie.com. 100% of America’s Food Fund contributions will support Feeding America and World Central Kitchen, as they coordinate, mobilize and distribute meals to those impacted by COVID-19.

AE’s efforts also allow our entire community a chance to enjoy Come Together— an At Home with AE concert series featuring live-streamed performances from some of your favorite artists. Viewers will have the opportunity to donate to AFF during the shows and AE will match donations up to $100,000. This is a chance for us all to take a break, relax, and have a moment to connect.

Aerie will also be making a contribution to America’s Food Fund as part of the newly launched #AerieREAL Positivity Challenge, which encourages everyone to help share positivity via Instagram, TikTok, and more. Learn more about how you can share some love at #AerieREAL Life.

Together we will get through this. Click here to learn more about AEO’s ongoing efforts in response to COVID-19.

WWD: American Eagle Outfitters Donating $1 Million and 1 Million Masks to COVID-19 Relief Efforts

The retailer is also helping raise funds by way of a virtual concert series and social media campaigns as stores remain closed.

By Kellie Ell | Link to article

American Eagle Outfitters is upping the ante on its fight against the coronavirus.

The retailer, parent to the American Eagle and Aerie brands, is now donating $1 million to COVID-19 relief efforts, along with a million face masks to healthcare workers, in an effort to support communities in need.

“A strong sense of community is at the heart of everything we do and is more important now more than ever,” Jennifer Foyle, Aerie global brand president, said in a statement. “While these challenging times are uncharted territory for all of us, this mission remains more important than ever.”

Other endeavors include Aerie’s contribution to the American Food Fund, the project launched earlier this month by Leonardo DiCaprio and Laurene Powell Jobs, along with help from Apple and the Ford Foundation, to help feed low-income families, senior citizens and children who rely on school lunches amid the crisis. Aerie would not disclose how much it is donating to the program, but said money raised through the fund will go toward nonprofit organizations World Central Kitchen and Feeding America.

The intimates brand will donate to the food fund as part of the #AerieREAL Positivity Challenge, a social media campaign announced on Wednesday by way of Instagram, to encourage Aerie fans to share their ideas on how to keep their spirits up, even in uncertain times.

“We are empowering others to share positive thoughts,” Foyle said of the project, which will feature some of the submissions along its social channels.

Meanwhile, American Eagle is hosting a live-streamed musical concert series called “Come Together, At Home With AE.” Musical guests and exact dates of each concert have not yet been released, but the company said viewers can donate directly to the American Food Fund during each show. American Eagle will match donations up to $100,000.

“By staying connected and optimistic, we will get through this,” said Chad Kessler, American Eagle global brand president. “Using music to create a sense of connection, we will support the important work of America’s Food Fund and its beneficiaries.”

The retailer is also donating more than 2,000 gift cards to medical workers in New York City and has recently made financial contributions to other coronavirus hotspots. Donations include a $50,000 grant to the city of Ottawa, Kan., to help local businesses and nonprofit organizations, $50,000 to the Hazleton Revitalization Fund in Hazleton, Pa., to support local medical centers and businesses, and $25,000 to Mississauga, Ont., Canada’s Trillium Hospital Foundation and the Mississauga Food Bank.

American Eagle Outfitters was just one of many retailers to announce temporary store closures in North America last month in an effort to combat the spread of the coronavirus. At the time, the retailer said stores would close for at least two weeks, or until around March 27, and all associates would be compensated during the closures.

But as the shutdown dragged into April, the retailer was forced to furlough the majority of its in-store and some of its corporate associates. The company also said it was reducing capital spend, suspending its share repurchase program, implementing a hiring freeze and taking steps to reduce inventory. In addition, American Eagle Outfitters drew down $330 million on its revolving credit facility to increase liquidity.

“The measures we are taking today are difficult, and we recognize that these decisions significantly impact our associates, yet are unfortunately necessary for our continued long-term success,” Jay Schottenstein, American Eagle Outfitters’ executive chairman and chief executive officer, said at the time. “This is not business as usual and we are preparing to emerge from this crisis stronger, more nimble and ready to grow.”

American Eagle’s jeans business and Aerie’s intimates businesses have dominated their respective markets for several quarters. However, both are heavily dependent on in-store traffic to drive revenues. (The company operates more than 1,000 stores.)

American Eagle Outfitters’ stock, which was trading just over $8 a share on Wednesday, is down about 44.5 percent since mid-February, when news of the coronavirus began spreading through North America.