The operator of Ann Taylor and Lane Bryant filed for Chapter 11 bankruptcy protection Thursday, the latest retailer to do so during the pandemic.
The company said it has reached an agreement with its creditors to reduce its debt by $1 billion. It received $150 million in new financing to continue operating during its reorganization.Ascena joins a growing list of mostly clothing retailers that have filed for Chapter 11 in recent weeks, including Brooks Bros., Neiman Marcus, J.C. Penney, J.Crew and Stage Stores.
Shoppers, worried about their finances, could pull back even more heading into the crucial fall and holiday shopping seasons.Mary Ann Domuracki, managing director of MMG Advisors, an investment bank that advises companies on restructuring, said she expects a second wave of bankruptcies in the fall. That would include jewelry retailers and mall-based restaurants, she added.
Loft is also included in the bankruptcy.
Sad to see another great brand dying🙁
OH FUCK WHERE I GONNA GET MY GOOD PANTS?!
So many Karens are mad
Hadn’t stepped foot in an Ann Taylor in over 10 years....I was done after their employees called mall security while I was shopping with a friend and her daughter....buh bye!!
I was surprised and shocked.corona virus recession hit the apparel businesses as well as our country.
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Ann Taylor Owner Files for BankruptcyAscena Retail Group, the parent company of Ann Taylor and Lane Bryant, has filed for bankruptcy, the latest apparel seller unable to ride out the economic damage caused by coronavirus restrictions. Crap. I hope Catherine's doesn't go out of business. They are own by the same people/company that owns Lane Bryant. It’s hard to argue that this was covid related. They were teetering on the brink well before the world knew there was a COVID-19 Sad
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Ann Taylor Owner Files for Bankruptcy, Plans to Close Up to 1,600 StoresAscena Retail Group, the parent company of Ann Taylor and Lane Bryant, has filed for bankruptcy, the latest apparel seller unable to ride out the economic damage caused by coronavirus restrictions. May be poor quality, poor craftmanship, plastic fabrics are the culprit? And how big were the bonuses they gave their execs right before filing bankruptcy? Ann Taylor Loft was not worth shopping in. The clothes need to be tailored towards American taste. They look like something you'd find in an over crowded warehouse in a shady part of NYC.
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Ann Taylor, Lane Bryant Owner Latest Retailer To File For BankruptcyAscena is at least the ninth prominent retailer to file for bankruptcy since early May, including Brooks Brothers, Sur La Table, J. Crew, Neiman Marcus Group, J.C. Penney, Lucky Brand, Stage Stores and GNC.
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