Ann Taylor, Dress Barn owner to shutter stores to drive cost savings

Ascena Retail Group, parent company of Ann Taylor, Lane Bryant and Dress Barn, said Thursday it will shutter a significant number of stores to drive cost savings.

The New Jersey-based company will find substantial rent reductions or else close more than 650 stores over the next two years, according to the company’s third-quarter earnings report.

The retailer has already closed 71 stores since the beginning of the year, with 50 more set to close during this quarter.

The company said that actual…