Dressbarn to close all 650 retail locations by 2020

Dressbarn, a women's fashion retailer since 1962, plans to close all its stores. (Dave Kotinsky/Getty Images)

Dressbarn plans to close all of its approximately 650 locations in a "wind down" of its retail operation, with the goal of shuttering all the stores by the first half of 2020.

Continue Reading Below

"For more than 50 years, Dressbarn has served women’s fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers," Steven Taylor, the company's chief financial officer, said in a press release Monday. "This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today’s retail environment."

For now, all stores and the retailer's website will operate as usual. Customers will still be able to use Dressbarn-branded credit cards and there are, so far, no changes to the fashion retailer's return, refund or gift card policies.

Plans for the closing of individual stores are expected to be shared with affected employees as the wind down process begins.

"We will work to assist our associates through the transition and maintain existing relationships with our vendors, suppliers, and other key stakeholders through this process," Taylor said.

CLICK HERE TO GET THE FOX BUSINESS APP

Dressbarn is owned by Mahwah, New Jersey-based Ascena Retail Group, which is also the parent company of Ann Taylor, LOFT, Lane Bryant and Justice.

The company was founded in 1962 by Roslyn S. Jaffe, who opened the Dressbarn's first store in Stamford, Connecticut. They employ about 6,800 people.

TickerSecurityLastChangeChange %
ASNAASCENA RETAIL GROUP INC0.50+0.03+6.68%

The Associated Press contributed to this report.