Dressbarn Winding Down Operations, Closing 650 Stores
Thursday, May 23rd, 2019
Dressbarn announced plans to commence a wind down of its retail operations, including the eventual closure of its approximately 650 stores.
All Dressbarn stores are open and conducting business as usual, as is Dressbarn’s ecommerce site. Customers can continue to shop at Dressbarn in-store and online and use Dressbarn-branded credit cards for purchases. There are no current changes to Dressbarn’s return, refund, or gift card policies.
Steven Taylor, Chief Financial Officer of Dressbarn, said, “For more than 50 years, Dressbarn has served women’s fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers. This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today’s retail environment. During the wind down process, we will continue to provide our customers with the same great experience both in-store and online, offering them even better deals and value. We will work to assist our associates through the transition and maintain existing relationships with our vendors, suppliers, and other key stakeholders through this process.”
Plans for closing individual Dressbarn locations, including information about store closing sales, will be shared during the wind down process. Dressbarn has retained A&G Realty Partners to assist on real estate-related matters.
Dressbarn associates will be notified when decisions are made about specific store closures and provided with transition support. Dressbarn intends to continue paying its vendors and suppliers in full in the ordinary course for products and services provided to Dressbarn during its wind down process.
Troy Taylor, President of financial advisory and investment banking firm Algon Group, has been appointed as independent director to the Board of Directors of The Dress Barn, Inc.