The parent company of Ann Taylor, Loft, Lane Bryant and others is reducing the size of its board.

Ascena Retail Group announced the resignation of two of its board members, Steven Kirshenbaum and Marc Lasry, effective June 30, 2019. The board has approved a reduction in its size from 12 to 10 directors, effective as of that date.

In May, Ascena announced plans to shutter its 650-store Dressbarn division. (It recently posted a list of the first round of closings.) In a statement at the time, the company said the move reflected its commitment to “comprehensively assess and optimize its portfolio by focusing resources on its most profitable brands to position the business for long-term growth and enhance shareholder value.” The news about Dressbarn came shortly after Ascena completed the sale of its Maurices division to an affiliate of British private equity firm OpCapita.

“The reduction in the size of the board is consistent with our decision to focus on a portfolio with fewer brands and to right-size the corporate overhead structure,” said Carrie Teffner, interim executive chair of ascena retail group.

Ascena Retail operates some 3,500 stores under the following banners: Ann Taylor, Loft, Lou & Grey, Lane Bryant, Catherines, Cacique, Dressbarn and Justice.

Published On : 26-06-2019

Source : Chain Storeage