Dressbarn Commences Final Stage of Wind Down

Date : 10/30/2019 @ 9:16PM
Source : GlobeNewswire Inc.
Stock : Ascena Retail Group Inc (ASNA)
Quote : 4.27  0.0 (0.00%) @ 1:00AM
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Dressbarn Commences Final Stage of Wind Down

Ascena Retail (NASDAQ:ASNA)
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6 Months : From Aug 2019 to Feb 2020

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The Dress Barn, Inc. (the “Company” or “Dressbarn”) today announced that it will begin the final stage of its planned wind down by commencing store closing sales at all of its brick and mortar retail stores. The Company also announced that it has sold the intellectual property assets of Dressbarn and has begun the process of transitioning its ecommerce business to a subsidiary of Retail Ecommerce Ventures LLC.  

“As part of our planned wind down, which has received overwhelming support from our landlord and vendor community, we are starting store closing sales at the balance of our 544 brick and mortar retail stores on Friday, November 1, 2019. We would like to thank our loyal customers for their commitment to our brand over the years and hope they take this opportunity to purchase their favorite styles at significant values. We are grateful to our store teams for their unwavering commitment to providing our customers with the same great shopping experience they’ve come to expect at our stores,” said Steven Taylor, Chief Financial Officer of Dressbarn.    

The Company has partnered with Gordon Brothers to assist in the store closing process. A spokesperson for Gordon Brothers said, “Customers can take advantage of discounts on all merchandise, including new fall and winter apparel and accessories, from 20% - 40% off original prices. Given Dressbarn’s loyal customer base and the popularity of its merchandise, we encourage customers to shop early for the best selection.” 

Store fixtures, furnishings and equipment in the stores will also be for sale. Existing gift cards and merchandise credits will be honored throughout the sale, which will last until stores close (expected no later than December 26, 2019) or while merchandise supplies last. 

Visit dressbarn.com for a full list of stores.

The Company also announced that it has sold the intellectual property assets of Dressbarn and has begun the process of transitioning its ecommerce business to a subsidiary of Retail Ecommerce Ventures LLC.

“We believe the future of Dressbarn is bright and we are excited to grow and expand the online presence for the brand,” said Tai Lopez, co-owner of Retail Ecommerce Ventures. “With our deep understanding and expertise in marketing and online brands, we are looking forward to taking this iconic brand to the next level,” said Alex Mehr, co-owner of Retail Ecommerce Ventures. 

The ecommerce site will remain open for business during the store closing process and will accept gift cards and merchandise credits through December 31, 2019 or while merchandise supplies last. A new platform and look of dressbarn.com is expected to be launched on or about January 1, 2020. Gift cards, merchandise credits and other previously issued offers from Dressbarn will not be valid after a subsidiary of Retail Ecommerce Ventures LLC begins operation of dressbarn.com on or after January 1, 2020. 

Forward-Looking Statements 

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Securities and Exchange Commission (“SEC”) filings of ascena retail group, inc. (“ascena”) identify many such risks and uncertainties. The forward-looking information in this press release could be affected by many factors, including, without limitation, disruptions in operations, supplier relationships and employee relations given the decision to wind down Dressbarn’s operations, unanticipated developments that may prevent or delay wind down activities, changes in financial markets, and those additional risks and factors discussed in reports filed with the SEC by ascena from time to time, including those discussed under the heading “Risk Factors” in its most recently filed Annual Report on Form 10-K. We undertake no duty and have no obligation to update any forward-looking statements contained herein.

Media Contact: DressbarnShawn BuchananCorporate Communications (212) 541-3418shawn_buchanan@ascenaretail.com

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