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The father or mother firm of Ann Taylor, Loft, Lane Bryant and a number of other different clothes manufacturers is becoming a member of the parade of attire retailers to file for chapter throughout the coronavirus disaster.
The agency Ascena Retail Group — whose shops are a significant tenant of malls and buying facilities — did not specify what number of areas it’ll shut.
It’s a well-known story of a outstanding retailer — as soon as a best choice for a lot of working ladies — rooting itself in bodily shops, falling behind on style traits, taking up an excessive amount of debt and discovering itself unable to deal with the unexpected collapse in demand for garments throughout this yr’s pandemic shutdowns.
But Ascena additionally has an enormous community of two,800 shops throughout the U.S. and Canada, a scale that units it other than a sequence of beforehand introduced bankruptcies by smaller retailers J. Crew, Neiman Marcus, J.C. Penney, Brooks Brothers and New York & Co.
The conglomerate stated it plans to shut “a significant number” of areas for the younger women’ model Justice and “a select number” of Ann Taylor, Loft, Lane Bryant and Lou & Grey shops. It will shut all Catherines shops and all areas of all manufacturers in Puerto Rico, Canada and Mexico.
“The meaningful progress we have made driving sustainable growth, improving our operating margins and strengthening our financial foundation has been severely disrupted by the COVID-19 pandemic,” Ascena’s Executive Chair Carrie Teffner stated in a press release. “As a result, we took a strategic step forward today to protect the future of the business for all of our stakeholders.”