Ascena owns specialty retail brands Ann Taylor and Lane Bryant.<br />The company plans to shut at least 1,200 stores as part of bankruptcy proceedings this week, according to a Bloomberg report.<br />Under its Chapter 11 arrangement, Ascena would do away with around $700 million from its $1.1 billon debt load.<br />Business Insider reports that Ascena's lenders will assume ownership of the company.<br />The New Jersey-based company has been battling the consumer shift to online shopping for years.<br />It's problems were accelerated by the coronavirus pandemic.
