On Monday, the Ascena Retail Group announced that it’ll wind down the women’s budget clothing chain, Dressbarn and will shut down all 650 of their stores.
The group said that the reason behind the closure was to sharpen focus on their other more profitable brands. Dressbarn is under the same umbrella as retailers Ann Taylor and Loft. Here’s CFO Steven Taylor said in regards to the announcement:
“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 had been a household name for 50 years but has been struggling in recent times against the likes of Amazon and T.J. Maxx. The retailer said customers will be able to continue to shop from Dressbarn stores and online, as the closures won’t take place immediately. An exact timeline for the winding down has not yet been laid out.