By Jackie Wattles
NEW YORK (CNNMoney) — Get accessible for added “closing sale” signs in the windows of your bounded retailers.
Ascena Retail Group — which owns the Ann Taylor, Dress Barn, Loft, Lane Bryant, Justice, Maurices and Catherines food — affairs to bang amid 250 and 650 locations over the aing two years.
Chief controlling David Jaffe fabricated the advertisement during a appointment alarm with investors Thursday, and he didn’t specify how abounding abundance closures will affect anniversary brand. Ascena could not be anon accomplished for comment.
Jaffe said 250 locations will absolutely aing down, and addition 400 will aing their doors unless the aggregation can accommodate lower rents at those locations.
He said that the move is all-important to advice the aggregation bisect the acutely afflicted brick-and-mortar retail market. Jaffe said Ascena is adverse a “persistent cartage decline” and expects that to abide a “major headwind” for the company.
Ascena is far from the alone aggregation activity the pressure. Food that were already staples of American malls are declining rapidly, abundantly because of accretion antagonism from agenda retailers like Amazon.
Earlier this week, Hudson’s Bay — buyer of Saks Fifth Avenue and Lord & Taylor — said it is acid its workforce by 2,000 jobs.
Macy’s said beforehand this year that it will aing 68 food and cut 10,000 jobs.
JCPenney is shutting bottomward 138 food by August. Bebe said it planned to shut bottomward all of its food by the end of May.
GameStop said in March it will aing added than 100 retail locations.
The ancestor aggregation of Kmart and Sears said in January it will bang 150 stores.
And after their advancing tenants, malls accept been hit adamantine by the retail woes. A June 2 address from Credit Suisse estimates 20% to 25% of American malls will aing aural the aing bristles years.
The-CNN-Wire™ & © 2017 Cable News Network, Inc., a Time Warner Company. All rights reserved.
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