"we're already seeing some of the benefits of rent reductions," said James Fogerty, president and chief executive officer, during the retailer's conference call. "We've got stores that are not making enough money, and we're working hard with our landlords to make sure that it makes sense for us to keep operating them. The best answer is for that landlord to partner with us, keep that store open and make us profitable."

The company is also focused on improving sales on other fronts after a tough first quarter. "We must stabilize and begin to grow profitable revenue," Fogerty said.

Year-over-year same-store sales saw the steepest decline, 15%, at its 884 namesake stores. The company's 879 Fashion Bug units fell by 13%, while its 465 Catherines locations posted a 9% drop.