- Ascena Retail Group, parent company of Ann Taylor and LOFT, filed for bankruptcy on Thursday with plans to shutter 1,100 stores across its brands.
- However, for decades, Ann Taylor has been a staple for the modern career women, equipping their wardrobes with classic tailored styles like crisp button-downs and sharp suits.
- We took a look at the rise and fall of the company over the years, and how the company began as a small women’s wear apparel brand founded in 1954 and grew into a fashion powerhouse.
- Visit Business Insider’s homepage for more stories.
Ascena Retail Group – the parent company of Ann Taylor, LOFT, Lou & Grey, Lane Bryant, Catherines, Cacique, and Justice – filed for Chapter 11 bankruptcy protection on Thursday, with plans to shutter an 1,100 stores across its brands.
For Ann Taylor and its sister brand LOFT, the filing marks the culmination of several years of slumping sales and dwindling foot traffic, challenges worsened by the coronavirus outbreak. However, for decades, Ann Taylor made a name for itself by helping American women get dressed for work, with its classic tailored styles and a wide range of crisp button-downs and sharp suits.
Founded in 1954, Ann Taylor became the go-to destination for professional women and set several styles on the map, including trousers and pants for women in the 1960s and 1970s and the ubiquitous 1980s power suit. As it evolved over the years, the company expanded to include spinoff brands like Ann Taylor Loft – later renamed just LOFT – to diversify its customer base and appeal to younger professional women seeking to upgrade their wardrobes.
In the early 2000s, Ann Taylor continued to act as a major player in the New York fashion scene, attracting celebrities and notable figures like Anna Wintour and Annie Leibovitz to its fashion shows and parties. A slew of celebrity partnerships and collaborations further set it on the map.
By the time Ascena Retail Group had acquired the brand in 2015, it was already mired in the difficulties of the retail apocalypse, challenges that within just five years would be furthered by the unforeseen fallout of the global pandemic.
We took a closer look at the rise and fall of Ann Taylor over the years.
Ann Taylor was founded by Richard Liebeskind in New Haven, Connecticut in 1954.
Ann Taylor was named after the best-selling dress style at Liebeskind's father's women's wear store — the "Ann." He added "Taylor" as a nod to its tailored apparel.
The "Ann" was a cotton dress with a button-up top, full skirt, and belt - a style which has endured at the company to this day. Liebeskind's called the dress Ann in honor of the name's New England heritage.
Source: The Chicago Tribune
With the "Ann" as its guide, the brand established itself in the following years as a go-to destination for the modern career woman.
In the 1960s and 1970s, it rose to prominence as one of the first apparel brands to begin selling trousers and pants, helping to shift trends in traditional women's style at the time.
Source: The Chicago Tribune
By the 1980s, Ann Taylor had helped usher in the era of the "power suit."
Source: The Chicago Tribune
"We get women," the company's website read in 2011. "Real women live ever more complicated lives. They juggle more activities, play more roles, and carry more expectations."
"But what women value is what they have always valued: connecting with others, making smart choices, looking and feeling great. Living life fully means women choose to play all their roles with confidence and style. That is why we're here."
Source: Ann Inc. via Wayback Machine
Building on its momentum and success, the company filed its initial public offering in 1991.
In the 1990s, Ann Taylor started to face increased competition from other retailers targeted at career women.
In response, the company launched Ann Taylor Loft in 1998 in an effort to diversify its customer base and appeal to younger working women.
Ann Taylor Loft quickly became known as the company's cooler, hipper younger sister brand. It eventually changed its name to just LOFT in 2009.
Ann Taylor further demonstrated its strength and resilience in 2002, when it became the first retail store to reopen near the site of Ground Zero and the September 11 attacks in New York City.
The store donated a portion of its sales in its first week in business to the New York Police and Fire Widows and Children's Benefit Fund.
In the first decade of the 2000s, Ann Taylor continued to have a strong presence in the New York City fashion scene.
Its shows and events attracted some of the city's most notable figures, including Vogue editor Anna Wintour and famed photographer Annie Leibovitz ...
... as well as stars like Amanda Bynes ...
NEW YORK - SEPTEMBER 17: Actress Amanda Bynes attends the Ann Taylor See Now, Wear Now runway show at The New York Public Library on September 17, 2009 in New York City. (Photo by George Napolitano/FilmMagic)
... Anna Kendrick ...
... and Heidi Klum, Rachel Zoe, and Maria Menounos, among others.
Around this time, Ann Taylor also began to bring on more celebrity partners, like model Petra Nemcova, who collaborated with the company on a perfume line in 2007.
Ann Taylor also continued to elevate itself by hosting philanthropic efforts for causes like the Susan G. Komen Breast Cancer Foundation.
To expand its reach, Ann Taylor also moved into new areas like outlet stores, offering items at a lower price point.
In March 2011, the company changed the name of its holding company from Ann Taylor Stores Corporation to Ann Inc.
This period marked the start of Ann Taylor's woes. The company began to struggle with dwindling foot traffic and competition from e-commerce as the retail apocalypse began to wreak havoc on traditional mall brands.
In May 2015, Ann Inc. was acquired by the Ascena Retail Group — the owner of Lane Bryant, Catherines, Cacique, and Justice — for $2.16 billion.
In the following years, Ann Taylor continued to flounder. The brand faced criticism for bland styles and failure to innovate, a similar problem faced by peers like Gap, Inc.
The store's perceived lack of imagination even inspired an SNL sketch called "The Fashion Coward," starring Emma Stone making "safe" fashion choices.
Source: The Atlantic, NBC Universal
"Ann Taylor, the tried-and-true, white-collar women's retailer, is in the strange position of being both ubiquitous and ubiquitously mocked," The Atlantic's Olga Khazan wrote in June 2019.
Source: The Atlantic
By 2020, the company's difficulties were furthered by the coronavirus outbreak, which forced stores to temporarily shutter and severely damaging sales. On July 23, Ascena Retail Group announced it was filing for Chapter 11 bankruptcy protection.
As part of the bankruptcy, the company will close a total of 1,100 stores, including some Ann Taylor and Loft stores.
Source: Business Insider
