Women's clothing chain Dressbarn to close all its 650 stores
NEW YORK (AP) - Dressbarn, the women's clothing chain that's been around for nearly 60 years, is closing all 650 of its stores.
The company's chief financial officer, Steven Taylor, said Dressbarn has not been operating at an "acceptable level of profitability in today's retail environment." Its owner, Ascena Retail Group Inc., says it wants to focus on its more profitable brands.
Ascena also owns Ann Taylor, Lane Bryant, and other clothing stores. The company did not say when Dressbarn will shut all its stores.
Dressbarn employs about 6,800 people. After the news was announced Monday, shares of Ascena Retail Group Inc. rose 2.6 percent to $1.17 in extended trading. Shares of the Mahwah, New Jersey-based company are down more than 50 percent so far this year.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Planned implosion at collapsed New Orleans hotel has been completed
Risque painting at downtown art gallery causes rubber-necking among sidewalk traffic
Some residents unsure of St. George plan, want to be annexed back...
Local kid ready for duty as Captain America in stoic viral pose
2019 Kiwanis 70th Annual Pancake Festival