LOUISVILLE, Ky. (WDRB) -- Dressbarn, the women's clothing chain that's been around for nearly 60 years, is closing all 650 of its stores.
The company's chief financial officer, Steven Taylor, said Dressbarn has not been operating at an "acceptable level of profitability in today's retail environment."
Its owner, Ascena Retail Group Inc., says it wants to focus on its more profitable brands. Ascena also owns Ann Taylor, Lane Bryant and other clothing stores.
Dressbarn has one location in Louisville, on Hurstbourne Parkway. There's also a store at the Outlet Shoppes of the Bluegrass in Simpsonville.
The company did not say when Dressbarn will shut all its stores. Dressbarn employs about 6,800 people. The clothing store has been in business since 1962, but has been in financial trouble for a while.
After the news was announced Monday, shares of Ascena Retail Group Inc. rose 2.6 percent to $1.17 in extended trading. Shares of Mahwah, the New Jersey-based company, are down more than 50 percent so far this year.
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