COVID Brings Another Retailer to Chapter 11

The pandemic has pushed another big-name retailer into bankruptcy. The parent company of Ann Taylor and Lane Bryant filed for Chapter 11 protection on Thursday. The Ascena Retail Group plans to close about 1,100 stories across the country, including all of its Catherines stores and many of its Justice stores, reports the Wall Street Journal. Consumers can expect some Ann Taylor, Lane Bryant, Loft, and Lou & Grey stores to close as well, per the AP.

At one time, Ascena was the biggest clothing retailer for women in the US, though it had run into leaner times even before the pandemic, reports CNBC. COVID-19 "severely disrupted" business, forcing the company in March to furlough all of its more than 50,000 employees. Many stores have since reopened, but two months of lost sales took a toll. Ascena joins Neiman Marcus, Brooks Brothers, J. Crew, JC Penney, and others in bankruptcy. (More Ann Taylor stories.)