Ann Taylor, Loft's Parent Company Files for Bankruptcy, Closing RI and MA Stores

Ann Taylor, Loft's Parent Company Files for Bankruptcy, Closing RI and MA Stores

The Justice store in the Warwick Mall is closing. Two Justice stores and a Catherines store in Massachusetts are all closing too.

It is all part of a massive bankruptcy for Ascena Retail Group Inc., the parent company of Ann Taylor, Lane Bryant, Loft and other chains, which plans to cut the number of its retail locations by nearly 60%, to about 1,200 from about 2,800.

“The initial round of more than 1,100 store closings includes all 264 locations of Catherines, a plus-size fashion chain, most stores belonging to tween brand Justice as well as some locations of Ann Taylor, Loft, Lane Bryant and Lou & Grey. The company could close more stores pending lease negotiations with landlords regarding rent concessions,” reports the Wall Street Journal.

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It is all part of a massive bloodletting that is crushing retailers — Brooks Brothers, Pier One, JC Penney, and on and on.

Add Lucky Brand, GNC, Modell's Sporting Goods, J Crew, and Neiman Marcus all too have filed for bankruptcy protection.

The 1,600 store closings at Ascena Retail Group join the thousands of other retail locations that have already been shuttered in 2020.

The impact is tens of thousands of retail workers have lost their jobs at their employers permanently.