Ascena Retail Group (Ann Taylor, Lane Bryant, Justice) files for Chapter 11 bankruptcy
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https://www.wsj.com/articles/ann-taylor-owner-files-for-bankruptcy-11595500501
Another non “essential” company with tens of thousands of employees and thousands of stores files for bankruptcy.
Just another day in 2020.
No exact numbers on employee reductions (they had 53,000 employees as of last year) or stores because it is reorganization and not liquidation (hopefully, as of now), but the press release said:
“As part of the balance sheet restructuring contemplated by the RSA, the Company will optimize its brand portfolio and strategically reduce its footprint with the closing of a significant number of Justice stores and a select number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores. This includes the exit of all stores across brands in Canada, Puerto Rico and Mexico and the closure of all Catherines stores.”
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And the dominoes keep falling…
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Reminds me of the Queen song, “Another One Bites the Dust”.
Another one bites the dust
Another one bites the dust
And another one gone, and another one gone
Another one bites the dust
Hey, I’m gonna get you, too
Another one bites the dust
