FILE - This Sept. 19, 2014 file photo shows retail mogul Leslie Wexner, at the Wexner Center for the Arts in Columbus, Ohio. Wexner is severing his last ties with the retail empire that he founded in 1963. L Brands, which operates Victorias Secret and Bath & Body Works, said the 83 year-old billionaire, along with his wife Abigail, won't stand for reelection to the board of directors. (AP Photo/Jay LaPrete, File)NEW YORK – Billionaire retail icon Les Wexner is severing his last ties with the retail empire that he founded in 1963. The company said in February it intended to complete the separation of its Victoria’s Secret and Bath & Body Works businesses by August.

The operator of Ann Taylor and Lane Bryant filed for Chapter 11 bankruptcy protection on Thursday, the latest retailer to do so during the pandemic. As part of its bankruptcy plan, the company said that it would close all of its Catherines stores, a significant number of Justice stores and a select number of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores. The company said it has reached an agreement with its creditors to reduce its debt by $1 billion. Ascena joins a growing list of mostly clothing retailers that have filed for Chapter 11 in recent weeks, including Brooks Brothers, Neiman Marcus, J.C. Penney, J.Crew and Stage Stores. Roughly 40 retailers, including big and small companies, have filed for Chapter 11 bankruptcy so far this year, according to S&P Global Market Intelligence.