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Ascena Retail Group Inc. files for Chapter 11 bankruptcy

The parent company of apparel brands such as Ann Taylor, Lane Bryant and Justice files for bankruptcy, resulting in the planned closure of 13 of its Kansas City area stores.

On Thursday last week Ascena Retail Group Inc. , filed for Chapter 11 bankruptcy protection.

Ascena is the parent company of seven different apparel brands including Ann Taylor, LOFT, Lou & Grey, Lane Bryant, Cacique, Catherines, and Justice.

The company announced the same day a debt restructuring agreement with 68% of its lenders.

In total 13 of the parent company’s stores will close across the Kansas City metro.

Closures in the area include the only two Catherines stores in the metro, eight Justice locations, two of five Lane Bryant stores and one LOFT location.

“The meaningful progress we have made driving sustainable growth, improving our operating margins and strengthening our financial foundation has been severely disrupted by the Covid-19 pandemic,” Carrie Teffner, interim executive chair of Ascena, said in a Thursday news release. “As a result, we took a strategic step forward today to protect the future of the business for all of our stakeholders.”