Dressbarn is closing all stores by this Christmas.
The retailer said it will begin liquidating and closing its remaining 544 brick-and-mortar locations on Nov. 1. All stores will be closed by Dec. 26. Investment company Gordon Brothers will assist with the store closure process.
“We would like to thank our loyal customers for their commitment to our brand over the years and hope they take this opportunity to purchase their favorite styles at significant values,” Steven Taylor, chief financial officer of Dressbarn, said in a statement. “We are grateful to our store teams for their unwavering commitment to providing our customers with the same great shopping experience they’ve come to expect at our stores.”
Taylor added that the plan to shutter all of Dressbarn’s store has “received overwhelming support from our landlord and vendor community.”
The women’s specialty store first announced it was closing all stores in May. The company has been struggling to update its image for some time and had already begun closing stores.
Dressbarn, which is owned by parent company Ascena Retail Group Inc., also said it sold the intellectual property rights of Dressbarn to Retail Ecommerce Ventures LLC. Ascena has begun the process of transitioning Dressbarn’s e-commerce business to a subsidiary of Retail Ecommerce Ventures.
Dressbarn.com will remain open through Dec. 31. The web site is expected to be updated sometime in January 2020.
Meanwhile, Ascena Retail Group, which also owns brands like Lane Bryant and Catherines, closed down 14.89 percent Wednesday to 40 cents a share. The company’s stock is down 89.7 percent year-over-year.
Ascena chief executive officer Gary Muto said in an internal memo to associates last May that, “This was a difficult but necessary decision and one that was not taken lightly. Despite the team’s best efforts to better position Dressbarn in a challenging retail environment, Dressbarn has not been operating at an acceptable level of profitability to sustain itself. In the end, we must do what’s right for Ascena and our shareholders.”