Ascena becomes latest US retail giant to file for chapter 11 bankruptcy
Ascena shares have fallen 90% in 2020
23 July 2020 - 17:15
New York — Ascena Retail, the owner of the Ann Taylor and Lane Bryant apparel chains, filed for bankruptcy protection on Thursday after its business was thrown into disarray by the Covid-19 pandemic.
The filing in US bankruptcy court is the latest from retailers that were pushed over the edge by the nationwide closure of stores to combat the outbreak. Bankruptcy protection allows the company to avoid a permanent shutdown, cut its borrowings and close weak stores to minimise costs. More than 50,000 jobs could be affected, based on data from Ascena’s most recent annual report...
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