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Ann Taylor Parent Goes Bankrupt, Plans to Shut Over 1,000 Stores
- Ascena Retail Group reached deal to cut $1 billion of debt
- Ownership of apparel chain will be handed over to lenders
An Ann Taylor store in Manhattan, New York City.
Photographer: Andrew Burton/Getty Images
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Ascena Retail Group Inc., owner of the Ann Taylor and Lane Bryant clothing chains, will close more than half its stores and hand control to its lenders after the Covid-19 pandemic tipped the debt-laden retailer into bankruptcy.
The court filing on Thursday is the latest among U.S. retailers that have been pushed over the edge by shutdowns tied to the outbreak. The Chapter 11 action allows Ascena to avoid a permanent shutdown, cut its borrowings and close weak stores to minimize costs.