Ann Taylor owner Ascena files for bankruptcy protection

Ascena Retail Group, inc. has entered into a restructuring support agreement (RSA) with over 68 percent of its secured term lenders. The company said in a statement that the plan is expected to reduce Ascena’s debt by approximately 1 billion dollars and provide increased financial flexibility to enable the company to continue its focus on generating profitable growth. The company has filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Eastern District of Virginia.