in

Dressbarn going out of business, plans to shutter 650 stores

Ascena Retail Group said on Monday it would wind down its women’s budget clothing chain, Dressbarn, shutting about 650 stores in the United States, as it sharpens its focus on profitable brands.

Ascena’s shares, which have more than halved this year, were up about 3 percent in extended trading.

The company, which also houses fashion brands Ann Taylor and Lou & Grey, said the move would strengthen its overall financial performance.

“This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today’s retail environment,” Dressbarn chief financial officer Steven Taylor said.

Dressbarn, a household name for over 50 years, has struggled to grow sales in a competitive market where it battles with online retailers like Amazon.com Inc and off-price retailers like TJX Cos.

Credit: Source link

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Gemma Collins strips down to sports bra as she continues with impressive fitness regime in LA

What Happens When Educational Videos Are Filmed Like Music Videos