Ascena Moves to Narrow ‘Shocking’ Bankruptcy Plan Releases

The bankrupt shell of Ascena Retail Group, former owner of women’s fashion brands including Ann Taylor and Lane Bryant, has asked a federal judge to whittle down legal protections doled out under its plan of reorganization.

The move comes after Ascena, now called Mahwah Bergen Retail Group, had its bankruptcy plan invalidated over so-called third party releases that U.S. District Judge David Novak called “shocking.” The company’s plan of reorganization improperly bestowed insulation from lawsuits to “an incalculable number” of people associated with Ascena, Novak said in his decision.

Previously: Purdue Pharma’s Shock Ruling Echoes Through Retail Bankruptcy

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