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Loft, Dress Barn, Lane Bryant, Ann Taylor next retailers to close doors

12 June 2017

The Ascena Retail Group that owns Ann Taylor, Loft, Dress Barn, Maurices, Lane Bryant, Catherines and Justice says it will close between 250 to 650 locations across the U-S.

Another major retailer says it plans to close hundreds of stores over the next two years.

Ascena now operates 4,800 stores throughout the United States, Canada and Puerto Rico.

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Ascena Chief Executive David Jaffe Jaffe said 250 stores within the group will be closed because of the "persistent traffic decline" facing the company's brands, CNN said.

Jaffe said an additional "400 or so more stores will be closed" if Ascena is unable to obtain certain rent concessions from mall operators and other landlords.

It is unknown at this time exactly how many stores and which locations will close.

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That shift has upended the retail industry, with conventional retailers such as Macy's Inc., Sears Holding Corp. and J.C. Penney Co. also closing stores to slash costs.

According to Ascena's website, the company operates about 4,800 stores nationwide.

Ascena last week reported that same-store sales across its brands were down 8 percent during its third quarter, compared to the previous year.

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Loft, Dress Barn, Lane Bryant, Ann Taylor next retailers to close doors