Dressbarn, the women’s clothing chain that’s been around for nearly 60 years, is closing all 650 of its stores.
The company’s chief financial officer, Steven Taylor, said Dressbarn has not been operating at an “acceptable level of profitability in today’s retail environment.”
Its owner, Ascena Retail Group Inc., said it wants to focus on its more profitable brands. Ascena also owns Ann Taylor, Lane Bryant and other clothing stores.
The company did not say when Dressbarn will shut all its stores. Dressbarn has about 6,800 employees.
After the news was announced Monday, Ascena shares rose 2.6% to $1.17 in extended trading. Shares of the Mahwah, N.J., company are down more than 50% this year.