Ascena Retail Group Inc. (ASNA), which declared bankruptcy ( ) earlier this week, said it has commenced store-closing sales in its stores. The sales are in all of its Catherines stores, a "significant number" of Justice stores and in a "select number" of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores. The company has engaged SB360 Capital Partners as a consultant to conduct the sales. "Because of the compelling discounts and the highly desirable merchandise, we expect this will be a short sale across all stores," said Aaron Miller, executive vice president of SB360. "Customers are encouraged to shop early while quantities last as many of their favorite styles may go quickly." Ascena's stock, which closed Thursday at a 36-year low of 59 cents, has plummeted 92.3% year to date, while the SPDR S&P Retail ETF (XRT) has gained 1.4% and the S&P 500 has tacked on 0.2%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 24, 2020 08:43 ET (12:43 GMT)
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