Photo: Dave Kotinsky/Getty Images

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.

Go deeper: U.S. and China retail sales are moving in the wrong direction

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Why it matters: This was a for-the-history-books moment in a debate that was mostly headache-inducing noise. Trump failed to condemn racist groups after four months when millions marched for racial justice in the country's largest wave of activism in half a century.

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A Shell station in Brazil. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

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Why it matters: The cuts could amount to over 10% of the company's global workforce, which was 83,000 at the end of 2019.