DISTRESSED DAILY: Ascena Gets Dressing Down After Debt Buyback

Ascena Retail Group Inc. has had a tough week in what’s already been a tough year: first, it reported a $97 million quarterly loss and then S&P Global Ratings declared its debt buyback a default.

• The parent of Ann Taylor and Justice has been working to reinvent itself following years of losses. It recently completed the shutdown of its Dressbarn chain, and it’s now trying to sell its Lane Bryant and Catherines plus-size chains.
• A new look takes time, however. The chain is still losing money, reporting earlier this week that it posted a second-quarter loss of $13.22 a share ...