Women's clothing chain Dressbarn to close all of its 650 stores

Dressbarn to close its 650 stores

The retail industry suffered another blow Monday after Dressbarn's parent company announced it was shutting down the clothing chain's operations.

Steven Taylor, Dressbarn chief financial officer, said in the news release that the chain had "not been operating at an acceptable level of profitability".

Acena Retail Group, based in Mahwah, New Jersey, said its decision to close the value-oriented chain has no impact on its others brands, including Ann Taylor, LOFT, Lane Bryant, Cacique and Justice.

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Now, the remaining 650 stores - including Dressbarn at Fairmount Fair Mall, 3581 W. Genesee St.in Fairmount, will also close. Dressbarn lost market share to rivals by failing to cater to younger shoppers or families, with rivals such as Target and H&M winning over customers, GlobalData Retail analyst Neil Saunders wrote in a research note.

After the news was announced Monday, May 20, 2019, shares of Ascena Retail Group Inc. rose 2.6% to $1.17 in extended trading. There are no current changes to the return, refund or gift card policies. There is a Dressbarn location in Bakersfield in the Northwest Promenade. "We will work to assist our associates through the transition and maintain existing relationships with our vendors, suppliers, and other key stakeholders through this process", Taylor added. Information about store closing sales will be shared at a later date, according to the retailer.

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