Dressbarn, founded in 1962 by Roslyn and Elliot Jaffe, is shutting down, the parent company Ascena Retail Group Inc. disclosed Monday.

“This decision has no impact on the operations of any of Ascena’s other brands and will strengthen the company’s overall financial performance,” Ascena said. Dressbarn is issuing a separate press release today, the company said in a statement.

Dressbarn’s closing is another significant step taken to advance Ascena’s ongoing transformation. “This move is in line with the company’s commitment to comprehensively assess and optimize its portfolio by focusing resources on its most profitable brands to position the business for long-term growth and enhance shareholder value,” Ascena said.

The company has been closing stores for some time, and recently revealed the sale of its Maurices division.

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