Friday, June 16, 2017
Ascena Retail Group Cutting Back.
Ascena Retail Group has plans on cutting back there retail footprint over the next two years. Ascena is the parent company of several clothing retailers that are located primarily in shopping centers and enclosed malls. According to NBC Chicago, Ascena anticipates on closing 250-650 stores because of declining retail traffic, its undisclosed of how many of each brand will close.
The bulk of the predicted closures will come over a dispute of lower rent among lease renewals. If a deal cannot be reached between mall owners and the brand for cheaper rent to leverage expense, the individual location will close, profitable or not, that is my assumption.
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Posted by john bozic