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.
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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