Popular Budget Clothing Store Closing All 650 Locations
By Bill Galluccio
May 21, 2019
Dressbarn announced that they will be going out of business and plan to begin shuttering around 650 locations across the country. The budget clothing store has been struggling to make a profit amid fierce competition from Amazon and other bargain retailers like T.J Maxx and Target.
"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.
The company did not give a time table for the closures but said that customers will still be able to shop both in stores and online.
Ascena Retail Group say they hope to focus their business on more profitable brands, including Ann Taylor and Lou & Grey.
"This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today's retail environment," Dressbarn Chief Financial Officer Steven Taylor said.
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