Dress Barn Closings – Indianapolis Bankruptcy News
As the retail apocalypse continues, Dress Barn decides to close all of its 650 stores. Although this kind of news seems like the new “norm,” the numbers are truly shocking. It is estimated that a total of almost 6,000 to 7,000 retail stores will close in 2019 alone. Dress Barn, however, will be a large hit across the United States. They currently employ about 6,800 people who could soon face losing their jobs.
Not Enough Profit to Warrant Continued Operations
Dress Barn’s chief executive officer has simply stated that Dress Barn has been unable to generate acceptable levels of profit for the company store to continue. The parent corporation for Dress Barn is Ascena Retail Group, INC has stated that it wants to build more successful brands that the company owns, including Lane Bryant and Ann Taylor clothing retailers. The rumors of such a massive closing have already caused the trading of the companies shares to drop to almost a 50% value.
The Closings Effect on Indianapolis
Currently, there are 16 Indiana Dress Barn locations. Several of these locations are located in the Indianapolis greater area. All these central locations will be eventually closing including Avon, Plainfield, and Noblesville. The retailer has been popular for quite some time in Indiana. The brand itself is 50 years old. It has served the retail market successfully for decades. It will be sorely missed by its Indianapolis customers, being a staple retailer in the area for years.
The Trend Continues
Retail stores have been closing in record numbers over the last 5 years. This trend is rooted in the online retail revolution and other changes in demographics.
