Ann Taylor, Dress Barn owner to shutter stores to drive cost savings

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Ascena Retail Group, parent company of Ann Taylor, Lane Bryant, Dress Barn and several other brands, said last week it will shutter a significant number of stores to drive cost savings. The New Jersey-based company will find substantial rent reductions or else close more than 650 stores over the next two years, according to the company’s fiscal third-quarter earnings report. The retailer has already closed 71 stores since the beginning of the year, with 50 more set to close during this quarter. The…