Ascena Retail Group announced plans to shutter its 50-year-old DressBarn women’s specialty-apparel chain, closing all 650 stores.
“This decision was difficult, but necessary, as the DressBarn chain has not been operating at an acceptable level of profitability in today’s retail environment,” said CFO Steven Taylor in a press release. “We will work to assist our associates through the transition and [to] maintain existing relationships with our vendors, suppliers and other key stakeholders through this process.”
DressBarn has retained A&G Realty Partners to assist on real-estate-related matters.
The announcement follows Ascena’s recent $300 million sale of the Maurices brand to a private-equity firm.
Ascena, parent of Ann Taylor; Catherines; Cacique; Justice; Lane Bryant; Loft; and Lou & Grey, operates about 3,500 stores.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
