Women's clothing chain Dressbarn to close all stores

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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 “For more than 50 years, Dressbarn has served women’s fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers. 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. During the wind down process, we will continue to provide our customers with the same great experience both in-store and online, offering them even better deals and value. We will work to assist our associates through the transition and maintain existing relationships with our vendors, suppliers, and other key stakeholders through this process.”

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. Plans for closing individual locations, including information about store closing sales, will be shared during the wind down process. Dressbarn has retained A&G Realty Partners to assist on real estate-related matters. Dressbarn employs about 6,800 people.

After the news was announced Monday, May 20, 2019, shares of Ascena Retail Group Inc. rose 2.6% to $1.17 in extended trading. Shares of the Mahwah, New Jersey-based company are down more than 50% so far this year.

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