Subscriber Account active since. Ascena Retail Group filed for Chapter 11 bankruptcy on Thursday. The bulk of the closures are Catherines stores — which will shut down amid an intellectual property sale to City Chic — and Justice stores. These iconic brands have significant long-term potential and we continue to deliver on their mission to provide all women and girls with fashion and inspiration to live confidently every day," Ascena CEO Gary Muto said in a press release about the bankruptcy. Got a tip? Contact this reporter at mstone businessinsider. Business Insider logo The words "Business Insider".
Sign up for our free newsletter
SUBSCRIBE to Retail Insider's Daily E-News for Free:
The retail bloodbath continues in Burnaby as a clothing giant is set to cut ties with its stores in the city. The parent company of Ann Taylor, Loft and Justice says it will close all of its clothing stores in Canada. Ascena operates 2, apparel shops internationally, but says it will begin its restructuring by closing its entire footprint in Canada, Puerto Rico and Mexico. In the U. Ascena is able to keep some locations in the U. We are appreciative of the strong support from our lenders to help mark a new start for our company. By entering into a comprehensive plan to deleverage our balance sheet, right-size our operations and inject new capital into the business, we will be better positioned to deliver profitable growth of our iconic brands and drive value for all of our stakeholders. This news follows a series of retail store closures in Burnaby, including the Microsoft store at Metropolis at Metrotown, as well as Addition Elle, Thyme Maternity, three DavidsTea locations and others. Opinion: Wearing a mask incorrectly just as bad as no mask at all.
Most Popular Videos
Ascena Retail Group Inc. The company has engaged SB Capital Partners as a consultant to conduct the sales. Teladoc Health Inc. Under the terms of the deal, Livongo shareholders will receive 0. The combination "creates a global leader in consumer centered virtual care," the companies said in a joint statement. Together, we will further transform the healthcare experience from preventive care to the most complex cases, bringing 'whole person' health to consumers and greater value to our clients and shareholders as a result.
Hundreds of stores will close as the parent company of Columbus-based retail brands Justice, Lane Bryant and Catherines navigates bankruptcy. The company has disclosed the locations of more than 1, stores within its portfolio that are set to close. The company has about 2, stores across its footprint and 43, employees, according to the bankruptcy filing, and said it was culling underperforming stores. SB Partners, a Schottenstein Stores affiliate, will be helping the company with its store closing process, with each location taking 30 to 60 days to wind down. It's already announced the closure of all stores in Canada and Puerto Rico in order to focus on business strictly in the United States. The company said in bankruptcy filings that it would close all Catherines stores and sell the intellectual property of Catherines in a court-supervised auction, with City Chic Collective Ltd.