MAHWAH, N.J. — December 23, 2020 — ascena retail group inc. and certain of its subsidiaries today announced that it has completed the sale of the Ann Taylor, LOFT, Lou & Grey, and Lane Bryant brands to Premium Apparel LLC, an affiliate of Sycamore Partners. Premium Apparel has committed to retaining a substantial portion of the retail stores, associates, and corporate operations affiliated with these brands.
“We are pleased to have completed this transaction, which secures a path for the long-term success of Ann Taylor, LOFT, Lou & Grey, and Lane Bryant,” said Gary Muto, CEO. “We have worked diligently to maximize the value of our brands, and we are confident they will thrive under Sycamore’s ownership.”
Muto continued: “I would like to thank our associates, who have remained focused on meeting our customers’ needs throughout our financial restructuring process. While we have certainly faced obstacles in the challenging retail landscape brought on by the global pandemic, our associates have consistently demonstrated leadership, professionalism and dedication to our customers and to each other. Ann Taylor, LOFT, Lou & Grey and Lane Bryant will continue to serve customers through the holiday season and beyond.”
“We’re pleased to have completed our purchase of these four highly respected apparel brands and are excited by the opportunity to unlock their full potential as part of our portfolio,” said Stefan Kaluzny, managing director of Sycamore Partners. “We look forward to working with the brands’ associates to continue delivering great products and memorable experiences to their customers, while positioning each for long-term success.”
As previously disclosed, FullBeauty Brands Operations LLC has completed its acquisition of Catherines’ intellectual property assets and e-commerce business, and Justice Brand Holdings LLC, an entity formed by Bluestar Alliance LLC, has completed its acquisition of the intellectual property of Justice.
Posted December 28, 2020
Source: ascena retail group inc.