More closing signs on local stores could be in our near future.
Ascena Retail Group owns Ann Taylor, Dress Barn, Loft, Lane Bryant, Justice, Maurice and Catherines stores. Chief executive David Jaffe has announced the decision to close between 250 to 650 store locations over the following two years.
Jaffe announced the decision during a conference call with investors. There has been no announcement made on how many stores are closing for each brand and which locations will ultimately be affected.
250 locations are definitely being shut down, but the following 400 will depend on negotiations for rent payment at the locations.
He cites reasons of traffic decline at the stores.
This decision follows JCPenney's decision to close 138 stores by August, and other brick and mortar stores facing similar issues.
For more information, check out the CBS Philly article.