Ascena, the ancestor aggregation of Ann Taylor, Lane Bryant, LOFT and Lou & Grey appear Thursday it will abutting a “select number” of the food as it filed for defalcation amidst aerial debt and crumbling sales during the coronavirus pandemic.
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While 95% of its food currently abide open, Ascena said all Catherines and a “significant amount” of Justice food will be bankrupt as a aftereffect of the move. The final cardinal of abundance closings will be bent based on the adeptness of Ascena and its landlords to ability acceding on acceptable charter structures, the aggregation said.
Ascena operates about 2,800 food throughout the United States and Canada.
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“I appetite to acknowledge you for your connected charge to our brands,” CEO Gary Muto said in a account to customers. “You accept consistently been at the centermost of aggregate we do and we abide in account to you as we cross our aggregation through COVID-19 and best position ourselves for the future.”
Gift cards, commodity credits and chump rewards programs abide accurate until food are closed.
Ascena, based in Mahwah, New Jersey, is at atomic the ninth arresting banker to book for defalcation back aboriginal May, according to the New York Times.
JC Penny, Brooks Brothers, and J. Crew are amid the domiciliary retail names that accept filed for defalcation back the alpha of the pandemic.
Ascena was accepted for decades as Dress Barn, the accouterment alternation founded in 1962 by Roslyn S. Jaffe.
In 2009, it purchased Tween Brands, which endemic Justice. Two years after it adopted the name Ascena as it reorganized and connected to abound by purchasing Lane Brant, Ann Taylor, Catherines, LOFT and Lou & Grey.
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