Dressbarn’s Wind Down Plan on Target
July 18 2019 - 4:05PM
The Dress Barn, Inc. (the “Company” or “Dressbarn”) today announced
that its wind down continues to progress according to plan and that
all retail stores are expected to close by the end of 2019.
“We have received overwhelming landlord support for our plan, which
will allow us to implement our wind down in a manner that provides
the best recovery for our landlords. Further, we are current,
and expect to remain so, with our vendors and suppliers,” said
Steven Taylor, Chief Financial Officer of Dressbarn.
The Company has taken the following steps to further advance the
wind down process:
- Started planning the closing cadence for all stores based on
agreements reached with landlords;
- Engaged Gordon Brothers Retail Partners to assist with the
eventual closure of all stores; and
- Continues to ensure the receipt of fresh inventory for the
balance of the process through close collaboration with its vendor
and supplier network.
Intellectual Property Sale Process
Dressbarn also announced today that it has retained Hilco
Streambank to solicit interest in the intellectual property assets
of Dressbarn, which include U.S. and international trademarks,
domain names, and other assets.
“The Dressbarn customer is loyal and cares deeply for the
brand,” Taylor noted. David Peress, Executive Vice President
of Hilco Streambank, added, “A buyer of the Dressbarn brand has the
unique opportunity to connect with a devoted customer base and
build upon a brand heritage with a well-established presence
throughout the U.S.” Parties interested in the Dressbarn brand or
learning more about the sale process can visit the Hilco Streambank
website.
Additional Store Closings
Today, Dressbarn has commenced store closing or inventory
clearance event sales at 53 stores that are slated for closure by
the end of August. A list of all planned store closures,
including those previously announced, can be found on the Company’s
website. All other Dressbarn stores and the ecommerce site
(www.dressbarn.com) are open and conducting business as
usual.
“We encourage customers to take advantage of deeper discounts,
shop early for the best selection, and use any outstanding gift
cards. Our teams remain committed to providing our customers
with the same great experience both in-store and online, while
offering them even better deals and value,” Taylor said.
About Dressbarn
Dressbarn offers an assortment of women’s clothing for every day
and occasion, operating approximately 625 stores across the United
States and employing approximately 6,400 associates. The Company
was founded in 1962 by Elliot and Roslyn Jaffe, who recognized the
need of women who were entering the workforce for a convenient
one-stop shop where they could find fashion at a value. The single
store in Stamford, Connecticut grew to a nationwide chain.
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. The Securities and Exchange
Commission (“SEC”) filings of ascena retail group, inc. (“ascena”)
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, 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.
CONTACT: |
Dressbarn |
|
Shawn
Buchanan |
|
Corporate
Communications |
|
(212)
541-3418 |
|
shawn_buchanan@ascenaretail.com |
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