Justice, Lane Bryant Stores to Close Many Locations
The owners of two retails chains with locations in South Jersey - Justice and Lane Bryant - filed for Chapter 11 bankruptcy on Thursday and plan to close a “significant number” of stores.
Justice has locations in Hamilton Commons/Mays Landing, Vineland, and Toms River and Lane Bryant also has a location in Hamilton Commons.
New Jersey-based Ascena Retail Group Inc., which operates nearly 3,000 stores nationally, including Catherine, Justice, Ann Taylor, Loft, Lane Bryant and Lou & Grey stores.
Marketwatch.com reports that the company said it has reached an agreement with its creditors to reduce its debt by $1 billion. It received $150 million in new financing to continue operating during its reorganization.
Ascena said Thursday it plans to permanently close a “significant” number of Justice stores, along with certain Ann Taylor, Loft, Lane Bryant and Lou & Grey stores during its restructuring.
The locations of the Justice and Lane Bryant stores to be closed will be determined based on “the ability of Ascena and its landlords to reach agreement on sustainable lease structures.”