Another chain store closes due to the economy. Dressbarn, the clothing chain store for women will be shutting their doors after 60 years of business. Six hundred fifty stores will be closing.
Steve Taylor, Dressbarn’s chief financial officer, said that the clothing store was no longer profitable at an acceptable level in the retail environment of today.
Ascena Retail Group Inc., the owner of Dressbarn, stated they want to concentrate on more profitable brands. Ascena also owns several other clothing stores such as Lane Bryant, Catherines, Ann Taylor, Justice, and LOFT.
Ascena also operated different e-commerce websites and 3,500 stores throughout Canada, the United States, and Puerto Rico.
Dressbarn closed on January 20, 2018, their Syracuse stores.
Dressbarn has approximately 6,800 employees. They have not said when the closing date is.
After the announcement was made on May 20, 2019, stock shares for Ascenia rose 2.6% to $1.17. Shares of Dressbarn, which is based in Mahwah, New Jersey, has dropped more than 50 percent in 2019.
Written by Barbara Sobel
NBC News New York: Women’s Clothing Chain Dressbarn to Close All Its 650 Stores
Los Angeles Times: Women’s clothing chain Dressbarn to close all its 650 stores
NewYorkUpstate.com: Dressbarn closing all stores, including Fairmount location
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