Dressbarn begins final stage of wind down ahead of store closures
today Oct 31, 2019
Ascena Retail Group announced on Wednesday that its Dressbarn brand is beginning the final stage of its planned wind down with the launch of store-closing sales at all of its brick and mortar retail stores.
The wind down will ultimately entail the closure of all Dressbarn’s stores, with store closing sales commencing at its 544 brick-and-mortar retail stores on Friday, November 1, 2019.
The sales will last until all stores are expected to close, no later than December 26, 2019. Store customers will see discounts from 20 to 40 percent off original prices throughout stores.
The company also announced that it has sold the intellectual property assets of Dressbarn and has started to transition its e-commerce business to a subsidiary of Retail Ecommerce Ventures LLC.
“We would like to thank our loyal customers for their commitment to our brand over the years and hope they take this opportunity to purchase their favorite styles at significant values. We are grateful to our store teams for their unwavering commitment to providing our customers with the same great shopping experience they’ve come to expect at our stores,” said Steven Taylor, chief financial officer of Dressbarn.
Ascena first announced back in May the shut down of Dressbarn in an effort to turn its business around and improve shareholder value.
Earlier this month, Ascena slipped into net loss in the fourth quarter, reporting a slight dip in sales of 4.3 percent, while full-year sales slipped 1.3 percent from $5.57 billion in fiscal 2018 to $5.49 billion in 2019. The New Jersey-based group also owns brands such as Ann Taylor, Lane Bryant and others.
A new-look dressbarn.com is expected to be launched on or about January 1, 2020.
“We believe the future of Dressbarn is bright and we are excited to grow and expand the online presence for the brand,” said Tai Lopez, co-owner of Retail Ecommerce Ventures.
“With our deep understanding and expertise in marketing and online brands, we are looking forward to taking this iconic brand to the next level,” said Alex Mehr, co-owner of Retail Ecommerce Ventures.
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