Ann Taylor to Close 47 More Stores After Sales Plunge
Reuters reports that Ann Taylor will close 47 more stores after sales fell 29.4 percent at the Ann Taylor chain and 21.9 percent at the Ann Taylor Loft chain. They will now be closing a total of 163 stores.
AnnTaylor, which has been restructuring for more than a year, called the most recent quarter its "earnings trough." While the company did not give a specific earnings outlook, it expects sales to be under significant pressure this year, with some improvement in the second half.
The Ann Taylor chain was particularly hard hit, since the professional working women who buy its suits and other corporate attire felt the impact of the financial crisis and rising unemployment, Chief Executive Kay Krill said in a statement.
Krill said the company had drawn down half of the $250 million facility "as a cushion" in case it needs more working capital for the spring season.
Ann Taylor's website says the company has 346 store locations, 483 Ann Taylor Loft stores and 58 Ann Taylor Factory stores.
Reuters 
