"Dressbarn's owner Ascena Retail Group said Monday its closing all of its roughly 650 stores, as it hopes to stabilize its business.
Ascena has built up a portfolio of apparel brands over the past decade through acquisitions, including plus-size retailer Lane Bryant and women's apparel brand Ann Taylor. But as shopping has shifted online and styles have evolved, Ascena has been grappling with sagging sales and a large debt-load.
Same-store sales for the year ended July 2018 were down 2%, according to Factset. The company had $1.33 billion in total debt, in the same period. Shares of the company, which have a market value of $214.4 million, are down 55% year-to-date
Looking to stem the losses, Ascena is turning to pruning its less successful brands."
Continue reading the DressBarn article online
MA Store listing
US Store listing