Ann Taylor parent company Ascena will reportedly close 1,200 stores across its brands as it prepares for bankruptcy

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• Ascena, which owns specialty retail brands Ann Taylor and Lane Bryant, plans to shut at least 1,200 stores as part of bankruptcy proceedings this week, according to a Bloomberg report.
• Under its Chapter 11 arrangement, Ascena would do away with around $700 million from its $1.1 billon debt load, and its lenders will assume ownership.
• The New Jersey-based company has been battling the consumer shift to online shopping for years. The coronavirus pandemic accelerated its troubles. 
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Ascena Retail, owner of clothing brands such as Ann Taylor and Lane Bryant, plans to shut at least 1,200 stores as it prepares to file for bankruptcy, Bloomberg reported.

Ascena may enter bankruptcy proceedings within the week, with a credit arrangement allowing it to shed $700 million from its $1.1 billion debt load, the report said.

See the rest of the story at Business Insider

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