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Ann Taylor Parent Ascena Retail Files for Chapter 11
Ascena Retail Group, the Mahwah, NJ-based parent company of Ann Taylor, Lane Bryant and other women’s apparel brands, said Thursday it had filed for Chapter 11 protection at U.S. Bankruptcy Court in Virginia. The company has entered a stalking-horse purchase agreement with City Chic to acquire the intellectual property and e-commerce business of Ascena’s Catherines brand, which it’s phasing out.
As part of its restructuring, Ascena plans to close a significant number of Justice stores and a select number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores. It will exit all of its stores in Puerto Rico, Canada and Mexico.
“This comprehensive restructuring, as well as the actions we are taking to optimize our brand portfolio and store fleet, mark a new start for our company and will allow us to expand our customer-focused strategies across our mobile, online and store experiences,” said CEO Gary Muto.
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