Another company is restructuring, and that will mean closures across the country.
ascena Retail Group will close all of its Justice stores and a select number of Ann Taylor, Lane Bryant and Lou and Grey stores across Canada.
This includes the Justice locations in Moncton and Fredericton.
The company filed for bankruptcy yesterday, stating the COVID-19 pandemic has severely disrupted its financial foundation..
“As a result, we took a strategic step forward today to protect the future of the business for all of
our stakeholders,” said Carrie Teffner, Interim Executive Chair of ascena. “With the cash generated from
our ongoing operations and the new money financing commitments we received from our lenders, we expect to have sufficient liquidity to meet our
operational obligations during the court-supervised process. We expect to move through this process on an expedited timeframe as our talented
leadership team, established over the last year, stays focused on generating profitable growth and driving value for customers and stakeholders.”
The Moncton location opened in its the Mapleton Crossing location last year.
Gary Muto, Chief Executive Officer of ascena commented, “These iconic brands have significant long-term potential and we continue to deliver on their mission to
provide all women and girls with fashion and inspiration to live confidently every day. This comprehensive restructuring, as well as the actions we are
taking to optimize our brand portfolio and store fleet, mark a new start for our company and will allow us to expand our customer-focused strategies
across her mobile, online, and store experiences.”
ascena Retail Group operates around 2800 stores across Canada, the United States and Puerto Rico.
