The parent company Tailored Brands earlier said it would close up to 500 stores and cut 20% of corporate jobs. It's joined in pandemic bankruptcy by rival Brooks Brothers and a growing list of others.
The retailer was acquired in 2019 by online clothing-rental startup called Le Tote. It joins a cascade of bankruptcies by major apparel stores, triggered by the doldrums of the coronavirus pandemic.
Ascena Retail Group is the latest clothing seller to try a restructuring during the pandemic when demand has cratered. The firm, which also owns Lane Bryant and Justice, will close some stores.
Stores, supermarkets and gas stations are grappling with low supplies of pocket change. The national shortage is due in part to people going out less to spend money during the pandemic.
U.S. stores and restaurants got a boost in June as retail sales jumped 7.5%. Spending on clothes doubled. But this was before a new surge in the coronavirus prompted renewed shutdowns in some states.
Walmart and Sam's Club, as well as Kroger, join a growing list of retailers making masks mandatory in stores. The National Retail Federation is urging all stores to adopt the same policy.
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