Ascena owns specialty retail brands Ann Taylor and Lane Bryant. The company plans to shut at least 1,200 stores as part of bankruptcy proceedings this week, according to a Bloomberg report. Under its Chapter 11 arrangement, Ascena would do away with around $700 million from its $1.1 billon debt load. Business Insider reports that Ascena's lenders will assume ownership of the company. The New Jersey-based company has been battling the consumer shift to online shopping for years. It's problems were accelerated by the coronavirus pandemic.
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