In a recent statement, Ascena Retail Group disclosed that all Dressbarn stores would close. Let’s get to the bottom of this story.
Dressbarn Stores to Shut Down
On Monday, Ascena Retail Group announced that it would close Dressbarn. This is a clothing chain for women. With this move, it will shut down around 650 stores all over the United States. Also, it decided for this step, as it wanted to devote its attention to more profitable brands.
What’s more, there are 10 Dressbarn shops in the state of Iowa. To be specific, they are located in Dubuque, Cedar Rapids, Waterloo, Coralville, Davenport, Williamsburg, West Des Moines, Sioux City, Ankeny, and Council Bluffs. Apart from these stores, the company runs Lou & Grey and Ann Taylor. It said that it would aspire to improve its total financial performance.
Furthermore, Steven Taylor, Dressbarn Chief Financial Officer, stated that it was not easy to make this choice. However, it was something that they needed to do, mainly because the Dressbarn chain had not been generating a substantial profit on the market.
In a statement posted on the store’s website, Gary Muto expressed that it was a pleasure serving their customers. And the Ascena CEO stated that it was not an easy thing to disclose the news of the company’s decision. In the end, he confirmed that all stores would be closed.
Dressbarn has been operating for more than 50 years. But it has not been able to produce considerable revenue. And it went against some of the giants, like Amazon.com. Apart from this, its competition was the off-price store TJX Cos too.