Bankrupt Ascena Retail Group has a hearing on Oct. 23 to confirm its reorganization plan and, once approved, can expect an exit court proceedings about two weeks later.
The company said the reorganized company will have a “stronger balance sheet and operating structure. Ascena Retail Group,
the operator of clothing chains Ann Taylor and Lane Bryant, filed for Chapter 11 bankruptcy recently as a business slowdown stemming from the coronavirus pandemic exacerbated existing problems for the retailer.
Gary Muto, Chief Executive Officer of Ascena, stated, “We are extremely pleased to have reached such significant milestones in our Court-supervised restructuring process.
The approval of the Disclosure Statement and our financing commitments combined with the overwhelming support received from our lenders and the early agreement reached with the Unsecured Creditors Committee regarding our proposed debt restructuring represent noteworthy progress toward emerging from Chapter 11 and positioning Ascena for long-term success.”
The company informed that it is in the final stages of implementing its store closure plans across brands, which is expected to reduce our overall footprint to approximately 1,300 locations, and are continuing rent discussions with its landlord partners for its go-forward stores.
Ascena retail group, inc. is the largest specialty retailer for women and girls in the United States. Through our collective of seven brands—including Ann Taylor, LOFT, Lou & Grey, Lane Bryant, Cacique, Catherines, and Justice—we serve women and girls across generations, identities, affiliations and body types.
Ascena retail group, inc is a national specialty retailer offering apparel, shoes, and accessories for women under the Premium Fashion segment (Ann Taylor, LOFT, and Lou & Grey),
Plus Fashion segment (Lane Bryant, Catherines and Cacique) and for tween girls under the Kids Fashion segment (Justice). A ascena retail group, inc.
through its retail brands operates ecommerce websites and approximately 1,500 stores (as of August 29, 2020) throughout the United States..
