Dressbarn, the women’s clothing chain that’s been around for nearly 60 years, is closing all 650 of its stores.
The company did not say when Dressbarn will shut all its stores. Dressbarn employs about 6,800 people. Stores in the South Jersey area include one at Tanger Outlets The Walk in Atlantic City and another at the Hamilton Commons in Mays Landing. The company’s chief financial officer, Steven Taylor, said Dressbarn has not been operating at an “acceptable level of profitability in today’s retail environment.”
Its owner, Ascena Retail Group Inc., says it wants to focus on its more profitable brands. Ascena also owns Ann Taylor, Lane Bryant and other clothing stores.
Jamie Oliver’s restaurant chain files for bankruptcy: Celebrity chef Jamie Oliver’s British restaurant chain filed for bankruptcy protection, partly due to increased competition and escalating rents in local commercial districts. The insolvency will leave 1,000 people out of work and reignite worries about local retail and food outlets in Britain, which are struggling to attract customers much like downtowns in the United States.
Financial firm KPMG, which will oversee the process, said all but three of the group’s 25 eateries will close. They include restaurants in the Jamie’s Italian chain, as will the more upmarket Fifteen, and steak house Barbecoa.
U.S. home sales slip: U.S. home sales slipped 0.4% in April, as would-be homebuyers face affordability challenges and a limited supply of starter houses. The National Association of Realtors said existing homes sold at a seasonally adjusted annual rate of 5.19 million last month, down from 5.21 million in March.
U.S. to delay Huawei ban: The United States is delaying restrictions on U.S. technology sales to Chinese tech powerhouse Huawei in what it calls an effort to ease the blow on owners of its cell phones and smaller U.S. telecoms providers that rely on its networking equipment.
The Trump administration insists the sanctions are unrelated to its escalating trade war with China, and many analysts see it as aimed at pressuring U.S. allies in Europe to accede to Washington’s entreaties to exclude Huawei equipment from their next-generation wireless networks, known as 5G.
— Associated Press