More than 50,000 jobs could be affected as Ascena, the owner of the Ann Taylor clothing brand, falls victim to Covid-19 crunch
Ascena Retail, the owner of the Ann Taylor and Lane Bryant apparel chains, filed for bankruptcy protection on Thursday after its business was thrown into disarray by the Covid-19 pandemic.
“With the cash generated from our ongoing operations and the new money financing commitments we received from our lenders, we expect to have sufficient liquidity to meet our operational obligations during the court-supervised process,” Carrie Teffner, Ascena’s interim executive chair, said in the statement. “We expect to move through this process on an expedited time frame.”
Management forecasts revenues to fall 21% in the financial year ending August, with losses expected through to 2021, according to the presentation.
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