{"id":388859,"date":"2020-11-26T02:07:39","date_gmt":"2020-11-26T07:07:39","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=388859"},"modified":"2020-11-26T02:07:39","modified_gmt":"2020-11-26T07:07:39","slug":"ascena-retail-group-signs-asset-purchase-agreement-with-sycamore-partners","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ascena-retail-group-signs-asset-purchase-agreement-with-sycamore-partners\/","title":{"rendered":"ascena retail group Signs Asset Purchase Agreement with Sycamore Partners"},"content":{"rendered":"
\n

\n Agreement Outlines Plan to Sell Ann Taylor, LOFT, Lane Bryant and Lou & Grey <\/em>\n <\/p>\n

MAHWAH, N.J., Nov. 26, 2020 (GLOBE NEWSWIRE) — ascena retail group, inc. (OTCMKTS: ASNAQ) and certain of its subsidiaries (collectively, \u201cascena\u201d or the \u201cCompany\u201d) today announced that it has entered into an asset purchase agreement (\u201cAPA\u201d) with Premium Apparel LLC, an affiliate of Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, to sell ascena\u2019s 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.<\/p>\n

\u201cWe 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,\u201d said Gary Muto, Chief Executive Officer. \u201cAt 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\u2019s agreement with Sycamore is the latest example.\u201d\u00a0<\/p>\n

Mr. Muto continued, \u201cI 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\u2019 needs continue to evolve, our teams remain focused on delivering great fashion and memorable experiences, however our customer chooses to shop.\u201d<\/p>\n

\u201cAnn Taylor, LOFT, Lane Bryant and Lou & Grey are well-known brands, each with passionate associates and loyal customers,\u201d said Stefan Kaluzny, Managing Director of Sycamore Partners. \u201cThese brands have significant potential, and we are excited about the opportunity to partner with ascena\u2019s talented team to continue delivering new and relevant experiences for customers.\u201d<\/p>\n

The transaction is expected to be completed by mid-December. As previously disclosed, FullBeauty Brands Operations, LLC has completed its acquisition of Catherines\u2019 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.<\/p>\n

\n Additional Information<\/strong>\n <\/p>\n

Additional resources for customers and other stakeholders, and other information on ascena\u2019s financial restructuring, can be accessed by visiting the Company\u2019s restructuring website at https:\/\/www.ascenaretail.com\/restructuring\/<\/u><\/a>. Court filings and other documents related to the Chapter 11 process are available at http:\/\/cases.primeclerk.com\/ascena<\/u><\/a>, by calling the Company\u2019s claims agent, Prime Clerk, toll-free at (877) 930-4319 (toll free) or (347) 899-4594 (international) or sending an email to ascenainfo@primeclerk.com<\/u><\/a>.<\/p>\n

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\u2019s financial advisor. Davis Polk & Wardwell LLP is serving as legal counsel to Sycamore Partners and Premium Apparel.<\/p>\n

\n About ascena retail group, inc.<\/strong>\n <\/p>\n

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.<\/p>\n

For more information about ascena retail group, inc. visit: ascenaretail.com<\/u><\/a>,<\/a>AnnTaylor.com<\/u><\/a>,<\/a>factory.anntaylor.com<\/u><\/a>,<\/a>LOFT.com<\/u><\/a>,<\/a>outlet.loft.com<\/u><\/a>,<\/a> and lanebryant.com<\/u><\/a>.<\/a><\/p>\n

\n About Sycamore Partners<\/strong>\n <\/p>\n

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.<\/p>\n

\n Forward-Looking Statements <\/strong>\n <\/p>\n

Certain statements made within this press release may constitute \u201cforward-looking statements\u201d 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\u2019s 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\u2019s control that may cause the Company\u2019s 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\u2019s 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 \u201cChapter 11 Cases\u201d); 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\u2019s reorganization, on the Company\u2019s 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\u2019s 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\u2019s 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\u2019s products; increases in the price of raw materials, labor or energy and transportation costs; the Company\u2019s ability to anticipate and respond to changing fashion trends and customer preferences in a timely manner; the Company\u2019s ability to maintain its brand image; the impact of cost reduction initiatives; the Company\u2019s 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\u2019s 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.<\/p>\n

\n ASCENA <\/strong>
\n CONTACT<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
For investors:<\/td>\nFor media:<\/td>\n<\/tr>\n
ICR Inc.<\/td>\nascena retail group, inc.<\/td>\n<\/tr>\n
Jean Fontana<\/td>\nShawn Buchanan<\/td>\n<\/tr>\n
Managing Director<\/td>\nCorporate Communications<\/td>\n<\/tr>\n
(646) 277-1214<\/td>\n(212) 541-3418<\/td>\n<\/tr>\n
\n Jean.Fontana@icrinc.com<\/a>\n <\/td>\n\n Shawn_buchanan@ascenaretail.com<\/a>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nOR<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nJoele Frank, Wilkinson Brimmer Katcher<\/td>\n<\/tr>\n
\u00a0<\/td>\nMeaghan Repko \/ Leigh Parrish \/ Dan Moore<\/td>\n<\/tr>\n
\u00a0<\/td>\n212-355-4449<\/td>\n<\/tr>\n<\/table>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

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, \u201cascena\u201d or the \u201cCompany\u201d) today announced that it has entered into an asset purchase agreement (\u201cAPA\u201d) with Premium Apparel LLC, an affiliate of Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, to sell ascena\u2019s 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 … <\/p>\n

Continue reading “ascena retail group Signs Asset Purchase Agreement with Sycamore Partners”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-388859","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nascena retail group Signs Asset Purchase Agreement with Sycamore Partners - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ascena-retail-group-signs-asset-purchase-agreement-with-sycamore-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ascena retail group Signs Asset Purchase Agreement with Sycamore Partners - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"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, \u201cascena\u201d or the \u201cCompany\u201d) today announced that it has entered into an asset purchase agreement (\u201cAPA\u201d) with Premium Apparel LLC, an affiliate of Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, to sell ascena\u2019s 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. 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(OTCMKTS: ASNAQ) and certain of its subsidiaries (collectively, \u201cascena\u201d or the \u201cCompany\u201d) today announced that it has entered into an asset purchase agreement (\u201cAPA\u201d) with Premium Apparel LLC, an affiliate of Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, to sell ascena\u2019s 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. 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