store at Southridge Mall
in Greendale will close Saturday, marking the latest in the line of retailers who are closing their doors as shoppers change the way they do business.
[caption id="attachment_160191" align="alignright" width="401"]
Loft will close at Southridge Mall in Greendale on Saturday[/caption]
Loft stores at Brookfield Square, Bayshore Town Center and Mayfair Mall are expected to remain open, according to an employee at the Greendale location. Loft parent company, Ann Inc., has been owned by New Jersey-based Ascenda Retail Group Inc., since 2015.
Ascenda spokespeople would not comment on the store closing or future closures. Ascena also owns Dress Barn, Lane Bryant, Maurice’s, Catherine’s and Justice brands.
During the company’s first quarter of fiscal 2017 there was an 11 percent decrease in comparable sales at Ann Taylor; 6 percent at Maurices; 5 percent at Dress Barn; 4 percent at Layne Bryant and 3 percent at Loft, according to an SEC filing.
Over the holiday season, which was the company’s second quarter of fiscal 2017, consolidated comparable sales decreased 3.1 percent. Ann Taylor took the biggest hit with a 8.2 percent decrease. Loft sales were down 1.8 percent, according to an SEC filing.
“We were disappointed by our overall holiday performance,” said David Jaffe, president and CEO of Ascena. “As a result, we were forced into a more highly promotional stance in order to move through inventory in the face of softer overall consumer demand. At this juncture, we are positioning our full year outlook assuming that the trend we experienced through holiday continues.”
Closures like what is happening at Loft in Southridge Mall are becoming commonplace as shopping habits continue to change and people look for experiences when they shop.
All of The Limited stores in the Milwaukee area closed earlier this month
The Racine Kmart store will close this spring
as part of a plan by the store’s parent company to shutter 108 Kmart stores and 42 Sears stores nationwide.