Ann Taylor, Dress Barn, Loft, and more store closures

Get ready for more “closing sale” signs in the windows of some stores.

Ascena Retail Group, the owner of Ann Taylor, Dress Barn, Loft, Lane Bryant, Justice, Maurices and Catherines stores, plans to close between 250 and 650 locations over the next two years.

The announcement was made Thursday by chief executive officer David Jaffe.

Jaffe did not state exactly how many store closures will affect each brand.

A total 250 locations will definitely shut their doors, according to Jaffe, and another 400 will close unless the company can negotiate lower rents at those locations.

Earlier last week, Hudson’s Bay – owner of Saks Fifth Avenue and Lord & Taylor – announced it is cutting 2,000 jobs from its workforce.

Other stores experiencing slumps in sales will close doors, including Michael Kors, JCPenney, Payless, GameStop, Kmart, Sears and Macy’s.

Read the full report on CNN Money.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s