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Agreement Outlines Plan to Sell Ann Taylor, LOFT, Lane Bryant and Lou & Grey

MAHWAH, N.J., Nov. 26, 2020 (GLOBE NEWSWIRE) — ascena retail group, inc. (OTCMKTS: ASNAQ) and certain of its subsidiaries (collectively, “ascena” or the “Company”) today announced that it has entered into an asset purchase agreement (“APA”) with Premium Apparel LLC, an affiliate of Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, to sell ascena’s Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands. Premium Apparel will acquire the brand assets for a purchase price of $540 million, on a cash-free and debt-free basis, subject to certain adjustments, and the assumption of certain liabilities. Under the APA, Premium Apparel has committed to retaining a substantial portion of the retail stores and associates affiliated with these brands.

“We are pleased to announce an agreement with Sycamore Partners, an experienced and trusted leader in the retail sector. The commitment Sycamore has made to our people and business is a testament to the long-term growth potential of our brands,” said Gary Muto, Chief Executive Officer. “At ascena, we have made significant progress in our financial restructuring process. We have worked diligently to maximize the value of all of our brands, and today’s agreement with Sycamore is the latest example.” 

Mr. Muto continued, “I want to thank our associates, as well as our customers and vendors, for their support of ascena and our brands. We are looking forward to the holiday season and beyond in Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores and online. As our customers’ needs continue to evolve, our teams remain focused on delivering great fashion and memorable experiences, however our customer chooses to shop.”

“Ann Taylor, LOFT, Lane Bryant and Lou & Grey are well-known brands, each with passionate associates and loyal customers,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “These brands have significant potential, and we are excited about the opportunity to partner with ascena’s talented team to continue delivering new and relevant experiences for customers.”

The transaction is expected to be completed by mid-December. 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.

Additional Information

Additional resources for customers and other stakeholders, and other information on ascena’s financial restructuring, can be accessed by visiting the Company’s restructuring website at https://www.ascenaretail.com/restructuring/. Court filings and other documents related to the Chapter 11 process are available at http://cases.primeclerk.com/ascena, by calling the Company’s claims agent, Prime Clerk, toll-free at (877) 930-4319 (toll free) or (347) 899-4594 (international) or sending an email to [email protected].

Kirkland & Ellis LLP is serving as legal counsel to the Company and Alvarez and Marsal Holdings, LLC is serving as restructuring advisor. Guggenheim Securities, LLC is serving as the Company’s financial advisor. Davis Polk & Wardwell LLP is serving as legal counsel to Sycamore Partners and Premium Apparel.

About ascena retail group, inc.

ascena retail group, inc. (OTCMKTS: ASNAQ) is a national specialty retailer offering apparel, shoes, and accessories for women under the Premium Fashion segment (Ann Taylor, LOFT, and Lou & Grey) and Plus Fashion segment (Lane Bryant and Cacique). ascena retail group, inc. through its retail brands operates ecommerce websites and approximately 1,500 stores (as of August 29, 2020) throughout the United States.

For more information about ascena retail group, inc. visit: ascenaretail.com,AnnTaylor.com,factory.anntaylor.com,LOFT.com,outlet.loft.com, and lanebryant.com.

About Sycamore Partners

Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, retail and distribution investments and partners with management teams to improve the operating profitability and strategic value of their business. Sycamore has approximately $10 billion in assets under management. The firm’s investment portfolio currently includes Belk, CommerceHub, Hot Topic, MGF Sourcing, NBG Home, Pure Fishing, Staples North American Delivery, Staples United States Retail, Staples Canada, Talbots, The Limited and Torrid.

Forward-Looking Statements

Certain statements made within this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Forward-looking statements are statements related to future, not past, events, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range,” or similar words. Forward-looking statements are based only on the Company’s current assumptions and views of future events and financial performance. They are subject to known and unknown risks and uncertainties, many of which are outside of the Company’s control that may cause the Company’s actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, risks attendant to the bankruptcy process, including the Company’s ability to obtain approval from the Court with respect to motions or other requests made to the Court throughout the course of the Chapter 11 petitions (the “Chapter 11 Cases”); the ability of the Company to negotiate, develop, confirm and consummate a plan of reorganization; the effects of the Chapter 11 Cases, including increased legal and other professional costs necessary to execute the Company’s reorganization, on the Company’s liquidity (including the availability of operating capital during the pendency of the Chapter 11 Cases), results of operations or business prospects; the length of time that the Company will operate under Chapter 11 protection; risks associated with third-party motions in the Chapter 11 Cases; conditions to which any debtor-in-possession financing is subject and the risk that these conditions may not be satisfied for various reasons, including for reasons outside the Company’s control; more stringent or costly payment terms and/or the decision by a significant number of vendors not to sell the Company merchandise on a timely basis or at all; the Company’s ability to attract, motivate and retain key executives and other personnel; risks associated with the COVID-19 pandemic (including any resurgence) and actions we have taken in response thereto; general economic conditions that adversely impact consumer spending; disruptions at ports used to import the Company’s products; increases in the price of raw materials, labor or energy and transportation costs; the Company’s ability to anticipate and respond to changing fashion trends and customer preferences in a timely manner; the Company’s ability to maintain its brand image; the impact of cost reduction initiatives; the Company’s ability to successfully achieve its business strategies; and changes in U.S. trade policies and trade restrictions, as well as other factors described in the Company’s most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or review its forward-looking statements even if experience or future changes make it clear that its projected results expressed or implied will not be achieved.

ASCENA
CONTACT

STMicroelectronics and
YTO
Establish Joint Laboratory
for
Intelligent Agricultural Equipment Development

China, November 26, 2020 —
STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, and YTO Group Corporation, a leading Chinese provider of agricultural and construction machinery, today announced their agreement to establish a joint laboratory in YTO’s Research Institute of Intelligence and Information in Luoyang, Henan province. The lab will focus on the research and development of electronic solutions for engine, vehicle, and agricultural controls in tractors.

The rapid development of automated control technologies, together with local and global emission regulations for off-road diesel engines, are driving the penetration of electronic control systems in tractors. YTO and ST are bringing their complementary know-how together to address the government requirements and industry needs.

YTO’s Research Institute of Intelligence and Information specializes in electronic control systems for three main agricultural-machinery applications: tractors, harvesters, and agricultural equipment. For its part, ST is a world-leading supplier of semiconductors that make driving safer, greener, and more connected and offers one of the industry’s broadest portfolios of automotive ICs. Moreover, ST brings a wealth of experience collaborating with numerous suppliers to meet the demanding requirements of the automotive industry.

“As the first producer of tractors, road rollers, and cross-country trucks in China,
YTO
has a long history of success as a leading provider of agricultural equipment,” said Lei Jun, Assistant Director of YTO’s Research Institute of Intelligence and Information. “This cooperation combines ST’s cutting-edge technologies and application-specific ICs with our solutions, to continue to innovate and to ensure outstanding quality and performance.”

ST is set to provide the joint lab with its latest automotive-semiconductor technology and solutions, including SPC5x 32-bit microcontrollers and Smart Power ICs such as motor-control, power-supply, and general-purpose high- and low-side actuation drivers, along with the appropriate application notes, reference designs, development tools, technical support, and training.

“With the increasing penetration of electronic control systems in
agricultural
applications and the development of China’s emission standards for
o
ff-road diesel engines, cooperation across the supply chain is a necessity,” said MH TEY, Greater China, South Asia and Korea Head of Automotive Marketing and Application, STMicroelectronics. “ST is engaging with its partners to build strong ecosystems and we believe the ST – YTO joint lab will bring even greater momentum to ST’s growth in China’s tractor and agricultural market while advancing the development of YTO’s next-gen electronic control systems for agricultural machinery.”

About
YTO

YTO was founded in 1955 and is the largest agricultural machinery enterprise in China. It was approved as the “Level A Enterprise of the State” by the Enterprise Administration Committee of the State Council in 1990. The Company’s H-shares were listed on the Hongkong Stock Exchange on 23rd June, 1990 and its A-shares are listed on Shanghai Stock Exchange since 8th Aug. 2012; it is the only exclusive agricultural-machinery listed company with A- and H-share capital platforms.

About STMicroelectronics

At ST, we are 46,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An independent device manufacturer, we work with our 100,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and 5G technology. Further information can be found at www.st.com.

For Press Information Contact:

Fiona Zhu
STMicroelectronics
+86 10 5797 9343
Email: [email protected]

Attachments

• T4323A — Nov 26 2020 — ST_YTO joint lab for electronic tractor control in China_FINAL FOR PUBLICATION
• From left to right_MH TEY (ST), LEI JUN (YTO)

NEW YORK, Nov. 26, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Interface, Inc. (“Interface” or the “Company”) (NASDAQ: TILE) and certain of its officers. The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-05518, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Interface securities between March 2, 2018 and September 28, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Interface securities during the Class Period, you have until January 11, 2021, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Interface is a modular flooring company that designs, produces, and sells modular carpet products primarily in the Americas, Europe, and the Asia-Pacific. The Company was founded in 1973 and is headquartered in Atlanta, Georgia.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Interface had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) consequently, Interface, inter alia, reported artificially inflated income and earnings per share (“EPS”) in 2015 and 2016; (iii) Interface and certain of its employees were under investigation by the Securities and Exchange Commission (“SEC”) with respect to the foregoing issues since at least as early as November 2017, had impeded the SEC’s investigation, and downplayed the true scope of the Company’s wrongdoing and liability with respect to the SEC investigation; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On April 24, 2019, Defendants filed a current report on Form 8-K with the SEC, disclosing, inter alia, that Interface “received a letter in November 2017 from the [SEC] requesting that the Company voluntarily provide information and documents in connection with an investigation into the Company’s historical quarterly [EPS] calculations and rounding practices during the period 2014-2017”; that “[t]he Company subsequently received subpoenas from the SEC in February 2018, July 2018 and April 2019 requesting additional documents and information”; and that “[i]n the fourth quarter of 2018, the Company conducted at the SEC’s request an internal investigation into these and other related issues for seven quarters in 2015, 2016 and 2017.”

On this news, Interface’s stock price fell $1.43 per share, or 8.37%, to close at $15.66 per share on April 25, 2019.

Then, on September 28, 2020, the SEC announced the conclusion of its investigation into Interface’s historical quarterly EPS calculations and rounding practices. Interface agreed to pay a $5 million fine to resolve the matter and was ordered to cease and desist from violating the federal securities laws. In the SEC’s enforcement order issued that same day, the SEC also disclosed how, inter alia, “Interface employees caused Interface to produce documents in response to Commission investigative requests that were suggestive of contemporaneous support for journal entries that, in truth, did not exist at the time the entries were recorded,” and had modified certain documents after the SEC’s investigation began.

On this news, Interface’s stock price fell $0.20 per share, or 3.13%, over the following two trading sessions to close at $6.18 per share on September 29, 2020

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

CGG Completes Multi-Client OBN Cornerstone 2020 survey

Paris, November 26, 2020

CGG and Magseis Fairfield announced today their completion of the 2020 acquisition of the largest OBN survey ever acquired in the North Sea. The OBN Cornerstone 2020 multi-client survey in the UK Central North Sea commenced in March 2020 and has already received significant industry interest and prefunding. Approximately 1,650 km² of long-offset, full-azimuth data have been acquired, with first images being made available in early 2021 and final PSDM data planned for release in Q4 2021. Further extensions of the OBN Cornerstone survey are being considered for 2021.

Covering two highly prospective areas of the UK Continental Shelf, the OBN Cornerstone 2020 survey project represented a total of 813,000 man-hours with zero Lost Time Incidents (LTIs). Survey deliverables will benefit from CGG’s best-in-class OBN processing and advanced imaging technologies, providing a step-change in seismic imaging quality and reservoir characterization detail and bringing new insight to aid continued development of plays and existing fields in the Central North Sea region.

This survey is specifically designed to address the challenges associated with deeper, higher-risk Jurassic and Triassic plays, typically under high-pressure, high-temperature conditions, and the presence of complex structural processes associated with Permian salt movement. The combination of full-azimuth imaging, additional fold and near-offset data will result in significant improvement of deep illumination and noise removal, while helping to illuminate and image the steep flanks and complex architecture created by salt diapirism.

Sophie Zurquiyah, CEO, CGG, said: “We are pleased to announce completion of the acquisition of our OBN Cornerstone 2020 survey and would like to congratulate both the CGG and Magseis Fairfield teams for the excellent operational and HSE performance, especially within the current Covid-19 context. The new high technology data set willcomplement CGG’s extensive high-quality Cornerstone towed-streamer data library, providing our clients with the best available information to de-risk the awarded blocks from the UK 32nd License Round and support the UK Oil & Gas Authority’s strategy for Maximizing Economic Recovery.”

About CGG

CGG (


www.cgg.com


) is a global geoscience technology leader. Employing around 4,000 people worldwide, CGG provides a comprehensive range of data, products, services and equipment that supports the discovery and responsible management of the Earth’s natural resources. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Attachment

• CGG – Press Release pdf version