<p>Ascena Retail Group, owner of Ann Taylor and Lane Bryant, filed for Chapter 11 bankruptcy protection on Thursday, succumbing to the economic fallout of the COVID-19 pandemic that has already pushed some of the biggest retailers to the brink.</p>.<p>Shares of Ascena plunged 20% in morning trading after the company also said it plans to close a number of stores and exit its plus-size apparel brand, Catherines.</p>.<p>The company, like many apparel retailers, has seen its business crumble due to the pandemic, as it was forced to close its stores and furlough employees during the lockdown period.</p>.<p>The company, which also owns apparel brands LOFT and Lou & Grey, has about 2,800 stores in the United States, Canada and Puerto Rico.</p>.<p>Even as lockdown restrictions have eased in many states, demand for apparel in the United States has remained weak.</p>.<p>This has added to the troubles at Ascena, which has been struggling for years with declining sales and a mounting debt pile, due to strong online competition.</p>.<p>Since the beginning of March, a number of iconic retailers, including Neiman Marcus, J. Crew and J.C. Penney have filed for bankruptcy.</p>.<p>Ascena said on Thursday its restructuring agreement was supported by more than 68% of its lenders and has received $150 million in funding from existing lenders.</p>.<p>The company, which filed for chapter 11 in the bankruptcy court for the Eastern District of Virginia, also said it expects to reduce its debt by about $1 billion.</p>
<p>Ascena Retail Group, owner of Ann Taylor and Lane Bryant, filed for Chapter 11 bankruptcy protection on Thursday, succumbing to the economic fallout of the COVID-19 pandemic that has already pushed some of the biggest retailers to the brink.</p>.<p>Shares of Ascena plunged 20% in morning trading after the company also said it plans to close a number of stores and exit its plus-size apparel brand, Catherines.</p>.<p>The company, like many apparel retailers, has seen its business crumble due to the pandemic, as it was forced to close its stores and furlough employees during the lockdown period.</p>.<p>The company, which also owns apparel brands LOFT and Lou & Grey, has about 2,800 stores in the United States, Canada and Puerto Rico.</p>.<p>Even as lockdown restrictions have eased in many states, demand for apparel in the United States has remained weak.</p>.<p>This has added to the troubles at Ascena, which has been struggling for years with declining sales and a mounting debt pile, due to strong online competition.</p>.<p>Since the beginning of March, a number of iconic retailers, including Neiman Marcus, J. Crew and J.C. Penney have filed for bankruptcy.</p>.<p>Ascena said on Thursday its restructuring agreement was supported by more than 68% of its lenders and has received $150 million in funding from existing lenders.</p>.<p>The company, which filed for chapter 11 in the bankruptcy court for the Eastern District of Virginia, also said it expects to reduce its debt by about $1 billion.</p>