Ascena, Owner of Ann Taylor and Lane Bryant, Files for Bankruptcy
Ascena Retail Group, Inc., the owner of Ann Taylor and other clothing brands ("Ascena"), has filed for bankruptcy seeking to restructure its debt under chapter 11 of the bankruptcy code as the retailer suffers amid flagging sales due to the COVID-19 pandemic. Bankruptcy petitions were filed by Ascena and 63 affiliated debtors. The COVID-19 pandemic sales slump only exacerbated Ascena's woes related to its heavy debt burden. Ascena filed for bankruptcy on July 23, 2020 in the Eastern District of...
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