text: By Victoria Craig Published May 24, 2017 RetailFOXBusiness
  After a host of bankruptcy announcements earlier this year from once-adored brands like Payless ShoeSource, the Limited and Wet Seal, private-equity firm Cerberus Capital Management is working on a bid alongside American Eagle Outfitters (NYSE:AEO) for 90's teen-retail sensation Abercrombie and Fitch (NYSE:ANF), according to the Wall Street Journal.
  Abercrombie's shares, down more than 50% in the last 52 weeks, have fallen in recent years as customers flock to less expensive, fast-fashion alternatives like Zara and H&M, that give them immediate access to on-trend fashion items. The rise of e-commerce shopping has also helped fuel a shift away from once dominant bricks-and-mortar mall-based brands as Americans spend more money on platforms like Amazon (NASDAQ:AMZN) and off-price retailers offering treasure-hunt experiences like TJX (NYSE:TXJ) companies TJMaxx and Marshalls.
  Cerberus, with more than $30 billion under management, is no stranger to investing in well-known brands that have fallen into tough times: In 2015, it bought 80% of direct-to-consumer cosmetics retailer Avon (NYSE:AVP) for $605 million, taking a nearly 17% stake in the company.