WATERLOO — A women’s clothing chain announced it will close all of its 660 stores nationwide, including one in the Cedar Valley.
Dressbarn announced the “wind down of its retail operations” in a press release on its website Monday afternoon.
The chain, which has a store in Waterloo and nine others in Iowa, plans an “eventual closure” of its 660 stores in the United States because it was no longer profitable.
It wasn’t clear when the Waterloo store, located at 1419 Flammang Drive, would close or how many employees were affected. A person answering the phone at the Waterloo store directed all questions to a Dressbarn company spokesperson, who did not immediately return a phone call Tuesday.
The chain reported a negative net income of $39.7 million in 2018.
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“For more than 50 years, Dressbarn has served women’s fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers,” Steven Taylor, chief financial officer of Dressbarn, said in the release. “This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today’s retail environment.”
Dressbarn, founded in 1962 in Stamford, Conn., employs around 6,800 people at its 660 stores, the company said.
Dressbarn is the latest in a slew of retail companies closing under-performing stores as more customers choose to purchase items online instead of in physical stores.