Owners of Lane Bryant and Fashion to Figure File for Bankruptcy
The COVID fallout has resulted in two major fashion companies file for bankruptcy. Last week, Ascena Retail Group is preparing for bankruptcy filing. A combination of lack of sales due to the pandemic and existing financial troubles effects stores like Lane Bryant, Ann Taylor, Loft and more. Ascena is looking to close to half of its 2,800 stores in the U.S. and Canada, and Puerto Rico. On Monday, RTW Retailwinds, owner of Fashion to Figure and New York and Co., filed for bankruptcy. All of RTW Retailwinds' 328 stores in 32 states were temporarily closed in March when the stay-at-home order was in effect, but like Ascena, the company had financial troubles pre-pandemic. Ascena Retail Group and RTW Retailwinds are just two of the more than 20 retail stores that has filed for bankruptcy due to the effects of the Coronavirus.