Say it isn’t so. Ascena Retail Group Inc., the owner of beloved brands such as Ann Taylor, Lane Bryant, and Justice has filed for Chapter 11 bankruptcy protection. They join a growing list of retailers having to do so as a result of the pandemic.
Ascena owns nearly 3,00 stores found in malls across the country. As part of its bankruptcy plan, the company said it would close at least 1,200 locations including all of its Catherines stores, a significant number of Justice stores and a select number of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores.
Gary Muto, Chief Executive Officer of ascena commented, “Ann Taylor, LOFT, Lane Bryant, Justice and Lou & Grey have incredibly loyal customers who are at the center of everything we do. These iconic brands have significant long-term potential and we continue to deliver on their mission to provide all women and girls with fashion and inspiration to live confidently every day. This comprehensive restructuring, as well as the actions we are taking to optimize our brand portfolio and store fleet, mark a new start for our company and will allow us to expand our customer-focused strategies across her mobile, online, and store experiences.”
Ascena temporarily closed their locations in mid-March due to the coronavirus pandemic. They began reopening locations in early may as state authorities began lifting restrictions. The company noted lower than normal traffic at their reopened stores.
Muto continued, “I am incredibly proud of the entire team for their commitment to serving our customers during what continues to be a challenging period for retail, our communities and our friends and families. We have a clear vision for our future and we will continue delivering meaningful experiences for our customers each and every day. We look forward to our continued partnerships with our valued vendors, landlords and other stakeholders as we emerge from Chapter 11, and this pandemic, as a stronger company.”
—Jennifer Swartvagher
Featured photo: M.O. Stevens / CC BY-SA
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