The retail bloodbath continues in Burnaby as a clothing giant is set to cut ties with its stores in the city. The parent company of Ann Taylor, Loft and Justice says it will close all of its clothing stores in Canada. Ascena operates 2, apparel shops internationally, but says it will begin its restructuring by closing its entire footprint in Canada, Puerto Rico and Mexico. In the U. Ascena is able to keep some locations in the U. We are appreciative of the strong support from our lenders to help mark a new start for our company. By entering into a comprehensive plan to deleverage our balance sheet, right-size our operations and inject new capital into the business, we will be better positioned to deliver profitable growth of our iconic brands and drive value for all of our stakeholders.
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Ann Taylor store closings
Subscriber Account active since. Ascena Retail Group filed for Chapter 11 bankruptcy on Thursday. The bulk of the closures are Catherines stores — which will shut down amid an intellectual property sale to City Chic — and Justice stores. These iconic brands have significant long-term potential and we continue to deliver on their mission to provide all women and girls with fashion and inspiration to live confidently every day," Ascena CEO Gary Muto said in a press release about the bankruptcy. Got a tip? Contact this reporter at mstone businessinsider. Business Insider logo The words "Business Insider".
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Photo: Torontoisfashion. Ascena Group Inc. Stores are generally in the 4,, square foot range. Justice, which has 38 stores, are located more in suburban retail centres such as strip malls, big-box centres, and outlet malls. Justice store at emerald Hills in Sherwood Park, Alberta. Photo: Canada One landlord for LOFT in Canada said in an interview that vacated spaces would be easier to fill in prime malls, though a wave of store closures means that there will still be vacancies in its shopping centres. Over the summer of , more than 1, individual store locations in Canada will close permanently, likely an all-time record.
Hundreds of stores will close as the parent company of retail brands Justice, Lane Bryant and Catherines navigates bankruptcy. The company has disclosed the locations of more than 1, stores within its portfolio that are set to close. The company has about 2, stores across its footprint and 43, employees, according to the bankruptcy filing, and said it was culling underperforming stores. SB Partners, a Schottenstein Stores affiliate, will be helping the company with its store closing process, with each location taking 30 to 60 days to wind down. It's already announced the closure of all stores in Canada and Puerto Rico in order to focus on business strictly in the United States. The company said in bankruptcy filings that it would close all Catherines stores and sell the intellectual property of Catherines in a court-supervised auction, with City Chic Collective Ltd. The two Columbus-based brands are the largest of Ascena's brands by store count. Justice will close stores, while Lane Bryant is closing stores. Use the maps and chart below to get the full scope of Ascena's planned domestic closures.