The owner of brands like Ann Taylor, Loft, Lou & Grey and Lane Bryant, has announced the completed wind down of its Dressbarn business, closing over 650 stores and eliminating over $300 million of lease liability.
The Mahwah, New Jersey-based womenswear retail group’s board of directors approved a 1-for-20 reverse stock split on Thursday, in an effort to comply with the Nasdaq’s minimum share price and stave off delisting.
The Mahwah, New Jersey-based womenswear retail group reported net income of $32 million, or $0.16 per diluted share, for the first quarter on Monday, as its cost reduction initiatives made up for declining sales.
The New Jersey-based owner of Ann Taylor, Lane Bryant and other brands, slipped into net loss in the fourth quarter, reporting a slight dip in sales of 4.3% as it continues to wind down its Dress Barn value banner.
Lamadrid, who most recently served as senior vice president, finance and chief accounting officer, has been promoted to the role of executive vice president and chief financial officer, effective August 4.
Weeks after it announced the shuttering of its Dressbarn brand, the Mahwah, New Jersey-based fashion retailer reported a narrower-than-expected adjusted net loss in the third quarter but disappointed with stagnant sales.