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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.