Ann Taylor and Loft will permanently close all stores in Canada
Ann Taylor, Loft and Justice clothing stores across Canada will close permanently amidst financial difficulties, per a press release issued on Thursday morning.
New Jersey-based Ascena Retail Group Inc., the parent company, has begun bankruptcy proceedings; its restructuring includes closing all locations in Canada, Puerto Rico and Mexico.
There are four Ann Taylor, nine Loft and 37 Justice stores in Canada, according to the company websites.
"Ann Taylor, LOFT, Lane Bryant, Justice and Lou & Grey have incredibly loyal customers who are at the centre of everything we do," said Gary Muto, Chief Executive Officer of Ascena.
"This comprehensive restructuring, as well as the actions we are taking to optimize our brand portfolio and store fleet, mark a new start for our company and will allow us to expand our customer-focused strategies across her mobile, online, and store experiences."
Ascena will keep an unspecified amount of stores open in the U.S. thanks to an agreement with creditors that will reduce its debt by $1 billion (plus an additional $150 million in new financing), but the company says that a "significant" number of American locations will still close.
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