Another major retailer says it plans to close hundreds of stores over the next two years.
The Ascena Retail Group that owns Ann Taylor, Loft, Dress Barn, Maurices, Lane Bryant, Catherines and Justice says it will close between 250 to 650 locations across the U-S. That represents 25% of the total store population.
The news came-out in the company’s third quarterly earnings report to investors. In it, Ascena Chief Executive David Jaffe said, “Over the next two years we expect to close or achieve substantial rent reductions in more than 650 stores.” He went on to say, “We’ve identified more than 250 locations that will be permanently closed through 2019.” There is no word yet on where those locations will be.
Ascena follows several other major retailers announcing closures this year. Those include Sears, Kmart, Macy’s JcPenney, Limited, Payless Shoes, and MC Sports.