This is the closing time of the 57-year-old women's clothing chain.
Dressbarn has announced the closure of its operations, including the eventual closure of its approximately 650 stores. The retailer, owned by Ann Taylor and Lane Bryant's parent company, Ascena Retail Group, has retained A & G Realty Partners to assist with its real estate efforts.
Currently, all Dressbarn stores are open and functioning like their e-commerce site, without any change in the chain's return, refund or gift card policy. The information on store closure sales will be shared at a later date, according to the retailer. Dressbarn has stated its intention to continue to pay its vendors and suppliers in full in the normal course.
In a statement, Ascena said that this decision included in the company's commitment to "evaluate and optimize its portfolio comprehensively by concentrating resources on its brands the most profitable, in order to position the company for long-term growth and increase value for its shareholders. " Ascena completed the sale of its Maurices division to a subsidiary of British private equity firm OpCapita.
"This decision was difficult, but necessary, because the Dressbarn chain was not operating at a level of acceptable profitability in the current retail business," said Steven Taylor, Dressbarn's CFO. "During the reduction process, we will continue to provide our customers with the same in-store and online experience, offering them even better offers. Throughout this process, we will work to help our associates throughout the transition and maintain existing relationships with our suppliers, suppliers and other key stakeholders. "
Ascena operates approximately 3,500 stores in the United States, Canada and Puerto Rico under banners such as Ann Taylor, Loft, Dressbarn, Catherines, Lane Bryant and Justice.