Ascena Retail, the owner of Ann Taylor and Lane Bryant is the latest retailer to file for Chapter 11 bankruptcy protection during the coronavirus pandemic
, following other major retailers. Ascena is at least the ninth major retailer to file for bankruptcy since early May, including Brooks Brothers, Sur La Table, J.Crew, Neiman Marcus Group, JCPenney, Lucky Brand, Stage Stores and GNC.that it expects to reduce its debts by about $1 billion in its pre-arranged restructuring, providing Ascena with “increased financial flexibility” to reach profitability.
The company said it has received commitments for $150 million in a new money term loan from its existing lenders and that, following court approval, this financing, combined with cash on hand and cash flow generated by ongoing operations, is expected to meet the company’s operational and restructuring needs.
Ascena will close “a select number” of Ann Taylor, Lane Bryant, LOFT and Lou & Grey stores as well as all of its plus-size brand Catherines locations and all stores in Canada, Puerto Rico and Mexico, the company said in a Chapter 11with stalking-horse bidder City Chic Collective Limited to sell the intellectual property assets and e-commerce business for Catherines, subject to a better offer.
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