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.
Police investigating shooting on Winbourne Ave. early Thursday morning
Thief burglarizes car, steals backpack with grandfather's ashes inside
New industrial projects in West Baton Rouge could pump billions into economy,...
Garbage costs going up, parish considering options
'He has nothing to lose': Search continues for convicted killer mistakenly released...