Ascena, owner of Ann Taylor and Lane Bryant, plans to close nearly 1,200 stores as it readies for bankruptcy.Ascena, which owns specialty retail brands Ann Taylor and Lane Bryant, plans to shut at least 1,200 stores as part of bankruptcy proceedings this week, according to a Bloomberg report.
The New Jersey-based company has been battling the consumer shift to online shopping for years. The coronavirus pandemic accelerated its troubles. Ascena Retail, owner of clothing brands such as Ann Taylor and Lane Bryant, plans to shut at least 1,200 stores as it prepares to file for bankruptcy,Ascena may enter bankruptcy proceedings within the week, with a credit arrangement allowing it to shed $700 million from its $1.1 billion debt load, the report said.
Ascena owns around 3,000 stores in the US. Filing for bankruptcy would allow some of its stores to continue operating under new ownership. The New-Jersey based group shut its brick-and-mortar stores in March after the government imposed national lockdown. Although some of its stores reopened in May, the company said its consumer traffic had "significantly reduced" compared to the same period last year.
Source: News Formal (newsformal.com)
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