The operator of Ann Taylor and Lane Bryant filed for Chapter 11 bankruptcy on Thursday, the latest retailer to do so during the pandemic.
FILE - This March 5, 2013 file photo shows an Ann Taylor store in Mount Lebanon, Pa. NEW YORK -- The operator of Ann Taylor and Lane Bryant filed for Chapter 11 bankruptcy protection on Thursday, the latest retailer to do so during the pandemic.
The company said it has reached an agreement with its creditors to reduce its debt by US$1 billion. It received $150 million in new financing to continue operating during its reorganization.Ascena joins a growing list of mostly clothing retailers that have filed for Chapter 11 in recent weeks, including Brooks Brothers, Neiman Marcus, J.C. Penney, J.Crew and Stage Stores.
Shoppers, worried about their finances, could pull back even more heading into the critical fall and holiday shopping season. Mary Ann Domuracki, managing director of MMG Advisors, an investment bank that advises companies on restructuring, said she expects a second wave of bankruptcies in the fall. That would include jewelry retailers and mall-based restaurants, she added.
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