May 20, 2019 - Economy

Dressbarn to shutter its 650-store chain

Gigi Sukin

After a failed sale attempt, Ascena Retail Group Inc. announced on Monday it will begin winding down its Dressbarn clothing chain, closing its roughly 650 storefronts, Bloomberg reports.

Details: The parent company's brands — including Ann Taylor — have been the source of broad criticism for failing to appeal to shifting consumer preferences, per Bloomberg.

"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,"

— Dressbarn CFO Steven Taylor said in a statement

The company already restructured in 2011, and in March announced that it sold a majority stake in its Maurices chain to private-equity group OpCapita for $300 million.

No timeline has been publicized for the closure process.

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Dressbarn to shutter its 650-store chain

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