Maurices Stores Could Be Closing
Duluth based Maurices could see many of its stores permanently closing over the next year.
Ascena retail group, who owns Maurices, announced it will close 250 stores over the next two years.
Ascena owns seven other brands that include dressbarn, Justice, Lane Bryant, Ann Taylor, Catherines, LOFT, and Lou & Grey but says that some of store closures will be Maurices stores that will close by July of 2019.
If the company can’t negotiate reduced rental rates with their landlords, the company could see up to 400 stores close.
During the third quarter of the 2017 fiscal year, Ascena reported a net loss of $1 billion.
In a press release from Ascena “This impairment charge has no impact on the Company’s operations, ability to service debt, compliance with financial covenants, or underlying liquidity.”
The company has not released which stores will close.