MAHWAH, N.J.--(BUSINESS WIRE)--Feb. 17, 2015--
Ascena Retail Group, Inc. (NASDAQ:ASNA) today announced that as
part of a strategic review of its Justice business, it has
decided to close its Brothers brand. Operations are expected to
be fully wound down by the end of the company’s fiscal year.
Ascena CEO David Jaffe commented, “We are mindful of the impact this
decision has on our customers and associates. At this point in its
evolution, it is appropriate for Justice to focus on its core
girls business, including refinement of its merchandise assortment and
overall marketing strategy.”
Wind-down costs associated with the decision to close Brothers
are not expected to be material to the company’s financials. For fiscal
2014, Brothers represented less than 1% of the total Ascena
revenue base, and the Brothers brand has been operating at a loss
since its inception.
About Ascena Retail Group, Inc.
Ascena Retail Group, Inc. (NASDAQ: ASNA) is a leading specialty retailer
offering clothing, shoes, and accessories for missy and plus-size women
under the Lane Bryant, Cacique, maurices, dressbarn
and Catherines brands; and for tween girls under the Justice
brand. Ascena Retail Group, Inc. operates through its subsidiaries
approximately 3,900 stores throughout the United States and Canada.
For more information about Ascena Retail Group, Inc. and its brands,
Certain statements made within this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to certain risks and uncertainties that could
cause actual results to differ materially. The company does not
undertake to publicly update or review its forward-looking statements
even if experience or future changes make it clear that our projected
results expressed or implied will not be achieved. Detailed information
concerning a number of factors that could cause actual results to differ
materially from the information contained herein is readily available in
the company’s most recent Annual Report on Form 10-K for the year ended
July 26, 2014.
Source: Ascena Retail Group, Inc.
Ascena Retail Group, Inc.
James Palczynski, 203-682-8229