Dressbarn Women's Clothing Chain to Close 650 Stores – Business News

NEW YORK (AP) – Dressbarn, the women's clothing chain created almost 60 years ago, is closing its 650 stores.

The company's chief financial officer, Steven Taylor, said Dressbarn was not operating at a "level of acceptable profitability in today's retail business."

Its owner, Ascena Retail Group Inc., says it wants to focus on its most profitable brands. Ascena also owns Ann Taylor, Lane Bryant and other clothing stores.

The company did not specify when Dressbarn will close all its stores. Dressbarn employs approximately 6,800 people.

Following the announcement of the new Monday, the shares of Ascena Retail Group Inc. increased by 2.6% to $ 1.17. Shares of the company based in Mahwah, New Jersey, have fallen more than 50% since the beginning of the year.