Liquidation sales in the remaining Dressbarn stores start Friday, the struggling retailer announced Wednesday.
While the 544 stores are closing by December 26, the women's clothing site is expected to reboot in 2020 with a new owner, the company said in a news release.
"As part of our planned settlement, which has received overwhelming support from the landlord and supplier community, we are starting store-closed sales on the balance of our 544 bricks and mortar stores on Friday," said Steven Taylor, CFO of Dressbarn, in the release.
Some stores have already closed since the company announced plans in May to shut down all locations. Dress Kids is part of the New Jersey-based Ascena Retail Group, whose other brands include Ann Taylor, Lane Bryant, Catherines, Cacique and Justice.
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Existing gift cards and commodity credits will be honored throughout the sale, the company says. The Gordon Brothers liquidation company handles the settlement.
"Customers can benefit from discounts on all items, including new fall and winter clothing and accessories, from 20% to 40% of original prices," the company said in release.
A list of the remaining stores is posted at www.dressbarn.com.
The Website will remain open and will accept gift certificates and commodity credits through December 31, or merchandise for merchandise.
reseller also announced that it has sold intellectual property to Dressbarn and "has begun the process of transferring its e-commerce business" to a subsidiary of Retail Ecommerce Ventures LLC.
"We believe the future of Dressbarn is bright and we are excited to grow and expand the online presence of the brand," said Tai Lopez, co-owner of Retail Ecommerce Ventures, in the release.
The new site is expected to be launched on or about January 1, but according to the release, gift certificates, merchandise credits and "other previously issued offers from Dressbarn will not be valid after a subsidiary of Retail Ecommerce Ventures LLC has started operations of dressbarn.com. "
More than ten months into 2019, there have already been 48% more store closures announced than throughout 2018, according to a recent report from global marketing research firm Coresight Research.
Based on figures from Coresight Research, retailer's income reports, bankruptcy records and other records, more than 8,600 stores are scheduled to shutter this year and thousands of locations are already gone.
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