Ann Taylor Owner Files for Bankruptcy, Plans to Close Up to 1,600 Stores

The parent company of Ann Taylor and Lane Bryant is the latest apparel seller unable to ride out economic damage caused by coronavirus lockdowns

Ascena Retail Group Inc., the parent company of Ann Taylor and Lane Bryant, has filed for bankruptcy with plans to permanently close up to 1,600 stores and reduce its debt by about $1 billion in a debt-for-equity swap with lenders, the latest apparel seller unable to ride out the economic damage caused by coronavirus restrictions.

U.S. spending on apparel has plunged and remained below lockdown levels, when thousands of retailers were forced to shut their doors. Since March, a number of major clothing retailers have been...

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