According to the Chapter 11 filing, the closures will affect malls and standalone stores across the country. In its filing, Ascena attributed the closures to the coronavirus pandemic, saying "the effects of the COVID accelerated the need for a long-term strategic solution to the Debtors' balance sheet and operating model. The remaining Lane Bryant stores will continue to operate, as will the plus-size clothing retailer's e-commerce operations.
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Will ascena and its brands continue operations? Customers were highly engaged with our brands through the COVID pandemic and we intend to continue to provide the fashion and experience our loyal customers have come to know and love. The optimization of our brand portfolio and store fleet will allow us to stabilize its financial position in the wake of the COVID pandemic and move forward as a strong, profitable business.
Will the court-supervised restructuring process affect day-to-day operations? Throughout this process, we will continue to offer the fashion and experience customers have come to know and love while also prioritizing the safety and well-being of our associates and customers. Customers can continue to shop in-store and online while we continue to monitor the impact of COVID Our stores are open in accordance with CDC guidance and we are conducting business on the e-commerce sites for each of the brands.
We have a clear vision for our future and our talented leadership team, established over the last year, will stay focused throughout this process on generating profitable growth and driving value for customers and stakeholders. We look forward to our continued partnerships with our valued vendors, landlords and other stakeholders as we emerge from Chapter 11, and this pandemic, as a stronger company.
Does ascena have sufficient liquidity to continue operating and meet its obligations throughout this process? In addition, the new money term loan will be available during the pendency of the proceedings and will remain in place post emergence from Chapter We will need to continue to be prudent with these funds as we are still operating in an uncertain time. Will there be any store closures? This includes the exit of all stores across brands in Canada, Puerto Rico and Mexico and the closure of all Catherines stores.
The initial list of stores closing as part of our restructuring process is listed on our website ascenaretail. What is Section and why is ascena using it to sell the Catherines e-commerce assets? Section is a part of the U. Bankruptcy Code that helps companies complete sales or transactions. We are using Section to conduct a court-supervised sale process of our Catherines intellectual property assets and to transition its e-commerce business.
As part of the process, other interested parties will have an opportunity to submit bids for the business. If other bids are submitted, there will be an auction, and the winning buyer will be the one that has made the highest and best offer, as determined by the Court. Will there be any distribution center closures? We do not have plans to close any of our distribution centers; however, decisions regarding our facilities will continue to be made based on what makes the most sense for the business.
Is the Company going out of business? We have a clear vision for our future and we will continue delivering meaningful experiences for our customers each and every day.
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