{"id":405309,"date":"2020-12-23T16:08:20","date_gmt":"2020-12-23T21:08:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=405309"},"modified":"2020-12-23T16:08:20","modified_gmt":"2020-12-23T21:08:20","slug":"ascena-retail-group-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-sycamore-partners","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ascena-retail-group-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-sycamore-partners\/","title":{"rendered":"ascena retail group Completes Sale of Ann Taylor, LOFT,  Lou &amp; Grey and Lane Bryant to Sycamore Partners"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <em>Continuing to Serve Customers In-Store and Online<\/em>\n      <\/p>\n<p align=\"left\">MAHWAH, N.J., Dec.  23, 2020  (GLOBE NEWSWIRE) &#8212; ascena retail group, inc. (OTCMKTS: ASNAQ) and certain of its subsidiaries (collectively, \u201cascena\u201d or the \u201cCompany\u201d) today announced that it has completed the sale of the Ann Taylor, LOFT, Lou &amp; 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.<\/p>\n<p>\u201cWe are pleased to have completed this transaction, which secures a path for the long-term success of Ann Taylor, LOFT, Lou &amp; Grey, and Lane Bryant,\u201d said Gary Muto, Chief Executive Officer. \u201cWe have worked diligently to maximize the value of our brands, and we are confident they will thrive under Sycamore\u2019s ownership.\u201d<\/p>\n<p>Mr. Muto continued, \u201cI would like to thank our associates, who have remained focused on meeting our customers\u2019 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 &amp; Grey and Lane Bryant will continue to serve customers through the holiday season and beyond.\u201d<\/p>\n<p>\u201cWe\u2019re 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,\u201d said Stefan Kaluzny, Managing Director of Sycamore Partners. \u201cWe look forward to working with the brands\u2019 associates to continue delivering great products and memorable experiences to their customers, while positioning each for long-term success.\u201d<\/p>\n<p>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<p>\n        <strong>About Sycamore Partners<\/strong>\n      <\/p>\n<p>Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, distribution and retail-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $10 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners\u2019 investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=dDvRsJrEjcewim9cTLiwZL5ecBdqUgk06B8nCnzgiiI2uPY1mqGZekKEyEX_Y8D1WwwbvGbOHAYdK2p_QYkgsxv00TWRIZncacf8IW1KcwI=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.sycamorepartners.com<\/a>.<\/p>\n<p>\n        <strong>Additional Information<\/strong>\n      <\/p>\n<p>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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=pSWUBUaRnc8pF-mjIA75W1PIZEVQFxF79IEIrKtadvKt64fISqFbw41hBgmwfz9z3RoMHiicZrO1ZA5qz58SRu_hUrP7hCWZeQFLzX3iAV4I6vx7zCWv3VrT-tc5qv3SJIs7UKV5kmLLo1ZsXIl8mQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>https:\/\/www.ascenaretail.com\/restructuring\/<\/u><\/a>. Court filings and other documents related to the Chapter 11 process are available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=bgYOinsDsva-12FnFLzo3H1Ir5kcCiYm46joVKDZQqPVhfk28iVmx0ARCinX0Fb0ROKDSKMrKxlF81E_YH2H2jUHC3uzZ-PK2Fz7bUREYBobYfaknN8ryQfeLTLJlDmz\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=aQnXFWOM7r0xH99OmQFtaDBJgrH-1E-tau22uv2u1s4cqLRc85xYjx-3R-BwBHFrRMjPnRmtcKRI4ImkB8ZemwnW5YRQdVX7V34tkH5Zwqk=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>ascenainfo@primeclerk.com<\/u><\/a>.<\/p>\n<p>Kirkland &amp; 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 &amp; Wardwell LLP is serving as legal counsel to Sycamore Partners and Premium Apparel LLC.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p>Certain statements or information 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 \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cseek,\u201d \u201csee,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201ctarget,\u201d \u201cpreliminary\u201d or \u201crange,\u201d 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 Bankruptcy Court with respect to motions or other requests made to the Bankruptcy Court throughout the course of 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\u2019s reorganization, on the Company\u2019s liquidity (including the availability of operating capital during the pendency of the Chapter 11 Cases); the length of time that the Company will operate under Chapter 11 protection; and risks associated with third-party motions in the Chapter 11 Cases. Please refer to the Company\u2019s Annual Report on Form 10-K for the fiscal year ended August 1, 2020 and subsequent filings with the Securities and Exchange Commission for a further discussion of risks and uncertainties. The Company does not undertake to publicly update or review its forward-looking statements, even if experience or future changes make it clear that the projected results expressed or implied will not be achieved.<\/p>\n<p>\n        <strong>ASCENA CONTACT<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%\">For investors:<\/td>\n<td style=\"max-width:60%;width:60%;min-width:60%\">For media:<\/td>\n<\/tr>\n<tr>\n<td>ICR Inc.<\/td>\n<td>ascena retail group, inc.<\/td>\n<\/tr>\n<tr>\n<td>Jean Fontana\u00a0<\/td>\n<td>Shawn Buchanan<\/td>\n<\/tr>\n<tr>\n<td>Managing Director<\/td>\n<td>Corporate Communications<\/td>\n<\/tr>\n<tr>\n<td>(646) 277-1214<\/td>\n<td>(212) 541-3418<\/td>\n<\/tr>\n<tr>\n<td>\n            <a href=\"mailto:Jean.Fontana@icrinc.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Jean.Fontana@icrinc.com<\/a>\u00a0<\/td>\n<td>\n            <a href=\"mailto:Shawn_buchanan@ascenaretail.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Shawn_buchanan@ascenaretail.com<\/a>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>OR<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>Joele Frank, Wilkinson Brimmer Katcher<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>Meaghan Repko \/ Leigh Parrish \/ Dan Moore<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>212-355-4449<\/td>\n<\/tr>\n<\/table>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzI1NSMzODk1MzI0IzIwMDU1ODc=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/7b5814bd-a446-4b6b-8377-732b2a287ccf\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Continuing to Serve Customers In-Store and Online MAHWAH, N.J., Dec. 23, 2020 (GLOBE NEWSWIRE) &#8212; ascena retail group, inc. (OTCMKTS: ASNAQ) and certain of its subsidiaries (collectively, \u201cascena\u201d or the \u201cCompany\u201d) today announced that it has completed the sale of the Ann Taylor, LOFT, Lou &amp; 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. \u201cWe are pleased to have completed this transaction, which secures a path for the long-term success of Ann Taylor, LOFT, Lou &amp; Grey, and Lane Bryant,\u201d said Gary Muto, Chief Executive Officer. \u201cWe have worked diligently to maximize the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ascena-retail-group-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-sycamore-partners\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ascena retail group Completes Sale of Ann Taylor, LOFT,  Lou &amp; Grey and Lane Bryant to Sycamore Partners&#8221;<\/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-405309","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ascena retail group Completes Sale of Ann Taylor, LOFT, Lou &amp; Grey and Lane Bryant to 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-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-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 Completes Sale of Ann Taylor, LOFT, Lou &amp; Grey and Lane Bryant to Sycamore Partners - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Continuing to Serve Customers In-Store and Online MAHWAH, N.J., Dec. 23, 2020 (GLOBE NEWSWIRE) &#8212; ascena retail group, inc. (OTCMKTS: ASNAQ) and certain of its subsidiaries (collectively, \u201cascena\u201d or the \u201cCompany\u201d) today announced that it has completed the sale of the Ann Taylor, LOFT, Lou &amp; 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. \u201cWe are pleased to have completed this transaction, which secures a path for the long-term success of Ann Taylor, LOFT, Lou &amp; Grey, and Lane Bryant,\u201d said Gary Muto, Chief Executive Officer. \u201cWe have worked diligently to maximize the &hellip; Continue reading &quot;ascena retail group Completes Sale of Ann Taylor, LOFT, Lou &amp; Grey and Lane Bryant to Sycamore Partners&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ascena-retail-group-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-sycamore-partners\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-23T21:08:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzI1NSMzODk1MzI0IzIwMDU1ODc=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ascena-retail-group-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-sycamore-partners\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ascena-retail-group-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-sycamore-partners\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"ascena retail group Completes Sale of Ann Taylor, LOFT, Lou &amp; 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(OTCMKTS: ASNAQ) and certain of its subsidiaries (collectively, \u201cascena\u201d or the \u201cCompany\u201d) today announced that it has completed the sale of the Ann Taylor, LOFT, Lou &amp; 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. \u201cWe are pleased to have completed this transaction, which secures a path for the long-term success of Ann Taylor, LOFT, Lou &amp; Grey, and Lane Bryant,\u201d said Gary Muto, Chief Executive Officer. \u201cWe have worked diligently to maximize the &hellip; Continue reading \"ascena retail group Completes Sale of Ann Taylor, LOFT, Lou &amp; Grey and Lane Bryant to Sycamore Partners\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ascena-retail-group-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-sycamore-partners\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-23T21:08:20+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExNzI1NSMzODk1MzI0IzIwMDU1ODc=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ascena-retail-group-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-sycamore-partners\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ascena-retail-group-completes-sale-of-ann-taylor-loft-lou-grey-and-lane-bryant-to-sycamore-partners\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"ascena retail group Completes Sale of Ann Taylor, LOFT, Lou &amp; 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