The retail industry suffered another blow after Dressbarn's parent company announced it was shutting down the clothing chain's operations
"It has been our pleasure to serve you, making it all the more difficult to let you know that the decision has been made to begin winding down the Dressbarn business," Gary Muto, CEO of Dressbarn's parent company Ascena Retail Group, said in a statement.Muto said the company will eventually close all its roughly 650 Dressbarn stores, but that they remain open for now. Ascena indicated the winddown would not affect its other brands — which include Ann Taylor and Loft.
"While the closure of Dressbarn was not inevitable, given the company's dire performance it comes as little surprise that Ascena has decided to head for the exit," said Neil Saunders, managing director of GlobalData Retail."Over the past few years, Dressbarn has lost customers, sales and share; it has also been unprofitable. Over recent quarters, those losses have accelerated and have shown no signs of reversing.
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