Ascena retail group, inc. announced that the Dressbarn brand has completed the orderly wind down of its business operations, closing over 650 stores and successfully eliminating over $300 million of lease liability.

Favorable sales performance by Dressbarn since the announcement fully offset the costs incurred in the wind down of approximately $60 million.  All Dressbarn stores have now been closed, and the Dressbarn intellectual property assets and its ecommerce business have been sold and transitioned to its new owner.

“The completion of the Dressbarn wind down concludes a significant step in ascena’s ongoing transformation and is in line with the Company’s three key priorities: driving sustainable growth, improving operating margins, and optimizing our capital structure,” said Gary Muto, Chief Executive Officer of ascena. “Thanks to strong leadership and focused execution, we mitigated the financial impact of the wind down while maintaining our commitment to treat the Dressbarn associates and other key stakeholders fairly and with respect throughout the process. We appreciate the tremendous support Dressbarn received from landlords, vendors, associates and suppliers.”