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Ann Taylor Shifts to Loft

NEW YORK CITY-Ten units are set to be converted by the end of 2009.

By Debra Hazel | Updated on November 20, 2009

NEW YORK CITY-In the midst of a complete assessment of its real estate Ann Taylor Stores will convert 10 Ann Taylor stores to LOFT units by year-end, executives said at the company’s third-quarter conference call.

An additional Ann Taylor unit has already been converted to the Loft format, said Michael J. Nicholson, CFO. As part of previously announced plans, 28 Ann Taylor units will close during the fourth quarter for a total of 45 closures.

“We are in the process of a complete rigorous portfolio analysis,” at each division, Nicholson added, with 2010 plans to be announced at the company’s year-end call. However, he noted that analysts could assume closures at a “similar cadence” to 2009. “We will continue to invest in both brands.”

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