Ascena Retail Group has finished winding down Dressbarn operations. The company had first announced in May 2019 that it would liquidate the brand in order to focus on its more profitable labels, such as Ann Taylor Loft, Loue and Gray and Lane Bryant.
Since beginning its liquidation process of Dressbarn in October, Ascena has closed over 650 stores and successfully eliminated over 300 million dollars of lease liability. The company noted in a press release that Dressbarn experienced favorable sales performance since its initial announcement of closures, which has offset the costs incurred in the wind down process.
“The completion of the Dressbarn wind down concludes a significant step in ascena’s ongoing transformation and is in line with the company’s three key priorities: driving sustainable growth, improving operating margins, and optimizing our capital structure,” Gary Muto, Ascena's CEO, said in a statement.
Though all Dressbarn are now closed, the brand will continue to live on under new ownership. Ascena sold all Dressbarn intellectual property assets and its ecommerce business to Retail Ecommerce Ventures LLC.