The famous Wall Street Loft store also shuts down!

Ascena Group, which last month got court approval for debtor-in-possession (DIP) financing, has already initiated its restructuring process.

As a part of its restructuring programme, the retailer has planned to close down 23 more stores in addition to its already closed more than 1,000 stores.

Also Read: Ascena achieves new milestone in court-supervised Chapter 11 process

The retailer now sees one of its reputed brands Loft shut down its famous Wall Street store.

What September 11 couldn’t do, coronavirus has!

As per Bloomberg, back in 2002, Loft’s Wall Street store was the first major store to open after the September 11 attacks, but the store has not been able to withstand the pandemic anymore.

In fact the store in New York’s Financial District is one of the 7 Loft, Ann Taylor and Lane Bryant locations that Ascena Group is shutting down in the city.

The Group revealed the closure plan in a court filing late last week. Notably, other prominent closures in line include Loft, Loft Outlet, Ann Taylor and Lane Bryant stores in Boston, San Francisco, Nashville, Tennessee and Chicago.

Notably, Ascena will start solicitation of votes from its creditors to get a green signal for its Plan of Reorganisation, with creditors’ votes due by next week (13 October).

Also Read: Sycamore offers to buy Ann Taylor and major assets of Ascena