MAHWAH, N.J. - Another clothing chain is going out of business.
New Jersey-based women's retailer Dressbarn announced Monday that it will "eventually" close all of its 650 stores.
"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," Steven Taylor, Dressbarn's chief financial officer, said in a statement.
Taylor added that the chain, which has 6,800 employees, "will work to assist our associates through the transition and maintain existing relationships with our vendors, suppliers and other key stakeholders through this process."
For now, all stores are open and operating normally, Gary Muto, CEO of Dressbarn owner Ascena Retail Group, said in a letter to customers. Shoppers also can make purchases on Dressbarn.com and keep using their store credit cards, he said.
"We invite you to shop with us and stock up before we close our doors," the letter said, adding that the company will provide more information about store closings and out-of-business sales at a later date.
Ascena said the move "has no impact on the operations of" its other brands, including Ann Taylor, LOFT, Lou & Grey, Lane Bryant, Catherines, Cacique and Justice.
According to CNBC, Payless, Gymboree, Charlotte Russe and other retailers have announced more than 6,000 store closures in 2019.
Read more here.
© 2019 Cox Media Group.