Ascena, which owns roughly 2,800 units across the country, temporarily closed almost its entire brick-and-mortar fleet in mid-March amid government-mandated lockdowns. In addition to reducing executive pay, Ascena implemented furloughs, cut back on advertising expenses, extended vendor payment terms and withheld rent on shuttered stores to preserve cash flow. Despite these steps, Ascena expressed concern in a May 26 SEC filing that a "material adverse impact" could come as the result of the coronavirus. Further, according to a Bloomberg report from earlier this month, the company is in talks with lenders and could file for Chapter 11 bankruptcy protection as soon as July.