Dressbarn Commences Final Stage of Wind Down
October 30 2019 - 5:16PM
The Dress Barn, Inc. (the “Company” or
“Dressbarn”) today announced that it will begin the final
stage of its planned wind down by commencing store
closing sales at all of its brick and mortar retail
stores. The Company also announced that it has sold
the intellectual property assets of Dressbarn and
has begun the process of transitioning its ecommerce business
to a subsidiary of Retail Ecommerce Ventures LLC.
“As part of our planned wind down, which has received
overwhelming support from our landlord and vendor community,
we are starting store closing sales at the balance of
our 544 brick and mortar retail stores on Friday,
November 1, 2019. 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.
The Company has partnered with Gordon Brothers to assist in the
store closing process. A spokesperson for Gordon Brothers
said, “Customers can take advantage of discounts on all
merchandise, including new fall and winter apparel and
accessories, from 20% - 40% off original
prices. Given Dressbarn’s loyal customer base
and the popularity of its merchandise,
we encourage customers to shop early for the best
selection.”
Store fixtures, furnishings and equipment in the stores
will also be for sale. Existing gift cards and merchandise
credits will be honored throughout the sale, which will
last until stores close (expected no later than December 26,
2019) or while merchandise supplies last.
Visit dressbarn.com for a full list of stores.
The Company also announced that it has sold the intellectual
property assets of Dressbarn and has begun the process of
transitioning its ecommerce business to a subsidiary of Retail
Ecommerce Ventures LLC.
“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.
The ecommerce site will remain open for business during the
store closing process and will accept gift cards and
merchandise credits through December 31, 2019 or while
merchandise supplies last. A new platform and look
of dressbarn.com is expected to be launched on or
about January 1, 2020. Gift cards, merchandise credits and
other previously issued offers from Dressbarn will not be
valid after a subsidiary of Retail Ecommerce Ventures
LLC begins operation of dressbarn.com on or after
January 1, 2020.
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.
Media Contact: DressbarnShawn BuchananCorporate
Communications (212)
541-3418shawn_buchanan@ascenaretail.com
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