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Ann Taylor owner files for Chapter 11 bankruptcy
Read full article: Ann Taylor owner files for Chapter 11 bankruptcyNEW YORK The operator of Ann Taylor and Lane Bryant filed for Chapter 11 bankruptcy protection on Thursday, the latest retailer to do so during the pandemic. As part of its bankruptcy plan, the company said that it would close all of its Catherines stores, a significant number" of Justice stores and a select number of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores. The company said it has reached an agreement with its creditors to reduce its debt by $1 billion. Ascena joins a growing list of mostly clothing retailers that have filed for Chapter 11 in recent weeks, including Brooks Brothers, Neiman Marcus, J.C. Penney, J.Crew and Stage Stores. Roughly 40 retailers, including big and small companies, have filed for Chapter 11 bankruptcy so far this year, according to S&P Global Market Intelligence.