NEW YORK (AP) – Dressbarn, the women's clothing chain that has been around for almost 60 years, closes all 650 of its stores.
The company's CFO, Steven Taylor, said that Dressbarn has not operated at an acceptable level of profitability in today's end-user environment.
Its owner, Ascena Retail Group Inc., says it will focus on its more profitable brands. Ascena also owns Ann Taylor, Lane Bryant and other clothing stores.
The company did not say when Dressbarn will close all its stores. Dressbarn employs approximately 6,800 people.
After the news was announced on Monday, the shares in Ascena Retail Group Inc. rose 2.6% to $ 1.17 in extended trading. Shares in Mahwah, New Jersey-based company are down more than 50% so far this year.
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