The Ascena Retail Group will shutter at least 157 Lane Bryant stores.
Ascena also owns Catherines and Justice, as well as Ann Inc., the parent company of both Ann Taylor and Loft.Visit Business Insider's homepage for more storiesOver a hundred Lane Bryant stores will shutter as the clothing shop's parent company struggles with the effects of COVID-19. The Ascena Retail Group also owns Justice and Catherines, as well as the parent company of both Ann Taylor and Loft. In a July 23 Chapter 11 filing, the company announced its intent "to close and wind down approximately 1,100 underperforming brick-and-mortar store locations" across its 2,800 brick-and-mortar stores in the United States and Canada.
According to the Chapter 11 filing, the closures will affect malls and standalone stores across the country. In its filing, Ascena attributed the closures to the coronavirus pandemic, saying "the effects of the COVID-19 accelerated the need for a long-term strategic solution to the Debtors' balance sheet and operating model." The Lane Bryant stores slated for closure were chosen based on their lack of profitability, sales trends, occupancy costs, and other macro factors.
The remaining Lane Bryant stores will continue to operate, as will the plus-size clothing retailer's e-commerce operations.Outlet Shops Of Grand River, 6200 Grand River Blvd E, Leeds, ALCrossroads Town Center, 3855 South Gilbert Rd #104, Gilbert, AZSuperstition Springs Center, 6555 E Southern Ave#1216, Mesa, AZTucson Spectrum, 5351 S.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »