ascena retail group Announces Wind Down of Dressbarn Business
May 20 2019 - 4:25PM
Business Wire
Move Advances Company’s Ongoing
Transformation
ascena retail group, inc. (Nasdaq:ASNA) (“ascena” or the
“Company”) today reported that its Dressbarn brand has announced
plans to commence a wind down of Dressbarn’s operations. This
decision has no impact on the operations of any of ascena’s other
brands and will strengthen the Company’s overall financial
performance. Dressbarn is issuing a separate press release
today.
Dressbarn’s wind down is another significant step taken to
advance ascena’s ongoing transformation. This move is in line with
the Company’s commitment to comprehensively assess and optimize its
portfolio by focusing resources on its most profitable brands to
position the business for long-term growth and enhance shareholder
value. Today’s announcement follows ascena’s recently completed
sale of its maurices brand.
About ascena retail group,
inc.
ascena retail group, inc. (Nasdaq:ASNA) is a leading national
specialty retailer offering apparel, shoes, and accessories for
women under the Premium Fashion segment (Ann Taylor, LOFT, and Lou
& Grey), Value Fashion segment (Dressbarn), Plus Fashion
segment (Lane Bryant, Catherines, and Cacique), and for tween girls
under the Kids Fashion segment (Justice). ascena retail group, inc.
through its retail brands operates ecommerce websites and
approximately 3,500 stores throughout the United States, Canada,
and Puerto Rico.
For more information about ascena retail group, inc. visit:
ascenaretail.com, AnnTaylor.com, factory.anntaylor.com, LOFT.com,
outlet.loft.com, louandgrey.com, dressbarn.com, lanebryant.com,
Catherines.com, and shopjustice.com.
Forward-Looking
Statements
Certain information in this press release contains statements
that are forward-looking in nature and involve certain significant
risks and uncertainties. Actual results could differ materially
from such forward-looking information. ascena’s Securities and
Exchange Commission (“SEC”) filings identify many such risks and
uncertainties. The forward-looking information in this press
release could be affected by many factors, including, without
limitation, disruptions in operations, supplier relationships and
employee relations given the decision to wind down Dressbarn’s
operations, unanticipated developments that may prevent or delay
wind down activities, changes in financial markets, interest rates,
and foreign currency exchange rates, the ability to achieve
anticipated cost reductions, the ability to achieve a successful
outcome for its portfolio brands and to otherwise achieve its
business strategies, and those additional risks and factors
discussed in reports filed with the SEC by ascena from time to
time, including those discussed under the heading “Risk Factors” in
its most recently filed Annual Report on Form 10-K. We undertake no
duty and have no obligation to update any forward-looking
statements contained herein.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190520005746/en/
For investors:ICR, Inc.Jean FontanaManaging Director(646)
277-1214Jean.Fontana@icrinc.com
Jennifer DavisSenior Vice President(646)
677-1813Jennifer.Davis@icrinc.com
For media:ascena retail group, inc.Shawn
BuchananCorporate Communications(212)
541-3418shawn_buchanan@ascenaretail.com
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