To concentrate on the company’s more profitable brands, Ascena Retail Group is planning to shutter approximately 650 Dressbarn stores. The company also owns apparel chains Loft and Ann Taylor, CNBC reported.
The company stated that the decision to shutter the stores wasn’t easy to make. “Dressbarn chain has not been operating at an acceptable level of profitability in today’s retail environment,” said CFO Steven Taylor in a press release.
As the closures won’t immediately occur, shoppers will still be able to shop in the retailer’s stores and online. The company also noted that employees will be kept up-to-date on decisions about the timing of specific store closings and vendors, and suppliers will still be paid on “normal terms… PYMNTS.com