As it seeks to exit bankruptcy, the Mahwah, New Jersey-based fashion retail group has announced plans to sell its Ann Taylor, Loft, Lane Bryant and Lou & Grey brands to an affiliate of Sycamore Partners.
Having filed for Chapter 11 bankruptcy in July, the Mahwah, New Jersey-based owner of Ann Taylor and Lane Bryant has received court approval for its reorganization plan, which must now be approved by its creditors.
Extended store closures, furlough programs and base salary reductions are just some of the measures announced by U.S.-based fashion retailers such as Crocs, Ascena and G-III since the start of the week.
The Mahwah, New Jersey-based fashion retailer announced declining sales and widening losses in the second quarter on Monday, but reassured shareholders that it is making progress with its turnaround efforts.
The Mahwah, New Jersey-based womenswear retail group’s board of directors approved a 1-for-20 reverse stock split on Thursday, in an effort to comply with the Nasdaq’s minimum share price and stave off delisting.