SAN FRANCISCO (KRON) – The parent company of Lane Bryant, Ann Taylor, and Justice filed for bankruptcy on Thursday and plans to close a number of stores.
According to a press release, Ascena Retail Group, which also operates Ann Taylor Loft, Cacique, Catherines and Lou & Grey, said all Catherines stores plus “a significant number” of Justice stores and “a select number” of Ann Taylor, LOFT, and Lou & Grey stores will permanently close as a result of the coronavirus pandemic.
“The meaningful progress we have made driving sustainable growth, improving our operating margins and strengthening our financial foundation has been severely disrupted by the COVID-19 pandemic,” Carrie Teffner, interim executive chair, said in the release. “As a result, we took a strategic step forward today to protect the future of the business for all of our stakeholders.”
According to frequently asked questions posted on Ascena’s restructuring website, the final number of store closings “will be determined based on the ability of Ascena and our landlords to reach agreement on sustainable lease structures.”
Ascena said closing sales will happen and are expected to last 30 to 60 days from “the filing date depending on the store location.”
Other major retailers who have filed for bankruptcy amid the pandemic include Brooks Brothers, New York & Company, J.C. Penney, Neiman Marcus, J.Crew and Lucky Brand.
Retailers such as Victoria’s Secret, Nordstrom, GNC, and Men’s Wearhouse plan to close several locations but have not filed for bankruptcy.
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