Introduction
The start of Ann Taylor began in 1954 by Richard Liebeskind in New Haven, CT., streamlining clothing for the high-class female niche sold in Ann Taylor (AT) stores. In 1995 Ann Taylor Loft was created to attract the younger more cost-conscious professional women incorporating a one-stop shopping environment with additional sizes, a more casual look to “widen market appeal and grow” implemented by the CEO Sally Kazaks.
Following the retirement of Chairman and CEO J. Patrick Spainhour, President Kay Krill was promoted to the position of CEO. Her initial goals were to “improving profitability while enhancing both brands”, “restoring performance at the Ann Taylor division and restoring the momentum at LOFT”.
By 2007 the global economy was going through difficult times, consumers buying patterns were changing, CEO Krill came up with a plan to restructure the business in 2008 focusing on three key areas—the evolution of our brands and channels, the reduction of our overall cost structure, and the continued pursuit of growth.…