The clothing store Dressbarn announced it was going out of business and would eventually shut down 650 stores. Veuer's Justin Kircher has the story.
Liquidation sales at the remaining Dressbarn stores will begin Friday, the struggling retailer announced Wednesday.
While the 544 stores will close no later than Dec. 26, the women's clothing website is expected to relaunch in 2020 with a new owner, the company said in a news release.
“As part of our planned wind down, which has received overwhelming support from our landlord and vendor community, we are starting stores closing sales at the balance of our 544 brick and mortar retail stores on Friday, "Steven Taylor, Dressbarn chief financial officer, said in a release.
Some stores have already closed since the company announced its plans in May to Dressbarn is part of the New Jersey-based Ascena Retail Group, whose other brands include Ann Taylor, Lane Bryant, Catherines, Cacique and Justice.
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Existing store gift cards and merchandise credits will be honored throughout the sale, the company said. Gordon Brothers Liquidation Company Handles Liquidation.
"Customers can take advantage of discounts on all merchandise, including new fall and winter apparel and accessories, from 20% to 40% off original prices," the firm said in the release.
A list of the remaining stores is posted at www.dressbarn.com.
The website will remain open and accept gift cards and merchandise credits through Dec. 31 or while merchandise supplies last.
The retailer also announced that it has sold the intellectual property assets of Dressbarn and "has fled 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, in a release.
The new website is expected to launch on or about Jan. 1, but accordi ng to the release, 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."
More than 10 months into 2019, there have Already been 48% more store closings announced than in all of 2018, according to a recent report from global marketing research firm Coresight Research.
Based on Coresight Research's figures, retailers' earnings reports, bankruptcy filings and other records, more than 8,600 stores are slated to shutter this year and thousands of locations are already gone.
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