Dressbarn has announced that they will be closing all 650 of their stores, including the location at Ralph’s Corner in Hatfield.
The closure was announced on Monday by the Ascena Retail Group, who said the move was being made so they could focus on their more profitable brands, such as Ann Taylor and Loft.
“[The] Dressbarn chain has not been operating at an acceptable level of profitability in today’s retail environment,” said Steven Taylor, Dressbarn CFO.
No timeline for the closure has been given, but the retailer stated that vendors and suppliers will continue to be paid on normal terms, and employees will be updated as decisions are made regarding the closure of each store, according to reports.
Until then, the stores will remain open for business as usual, the reports state.
The news of the closure comes on the same day that Ford announced it will be cutting 7,000 salaried positions from its workforce, in a year that has already seen the highest amount of first-quarter layoffs in a decade.
After news of the mass closure was announced, shares of Ascena Retail Group Inc. rose by 2.6 percent, though shares of the company are down a total of 50-percent year-to-date, according to reports.
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