Bankruptcy Ascena Retail Group Inc. has agreed to sell Ann Taylor, Loft, Lane Bryant, Lou & Gray to Sycamore Partners, a private equity firm that owns Belk, Talbots, The Limited, Torrid and more.
Ascena said it has entered into an asset purchase agreement with Premium Apparel LLC, an affiliate of Sycamore Partners. The agreement acquires branded assets at a purchase price of $ 540 million, subject to certain adjustments, without cash and liabilities. Underwriting of certain liabilities.
Asina, which went bankrupt on July 20, has taken double steps to get out of bankruptcy, including selling assets and allowing lenders to take over the company if a buyer is not found. Ascena has already sold assets from the past few seasons, including Maurices, Catherines and Justice. Transactions with Sycamore will have to be approved by the Bankruptcy Court.
Under the agreement, Premium Apparel has promised to retain most of the retail outlets operated by Anteller, Loft, Lane Bryant, Lou & Gray and the associates working for these brands.
“We are pleased to announce an agreement with Sycamore Partners, an experienced and trusted leader in the retail industry. Sycamore’s commitment to our people and business is the long-term growth of our brand. It’s a testament to the possibilities, “said CEO Gary Mut. “At Asina, we have made great strides in the financial restructuring process. We have been working hard to maximize the value of all brands. Today’s agreement with Sycamore is the latest example.”
Mr. Muto said as follows. “Thanks to Associates, Customers and Vendors for supporting Associates and our brand. We look forward to the holiday season and beyond, online with our stores at Antilles, Loft, Lane Bryant and Lou & Gray.”
“Antailer, Loft, Lane Bryant and Lou & Gray are well-known brands, each with passionate peers and loyal customers,” said Stephen Calsney, Managing Director of Sycamore Partners. “These brands have great potential. We are excited about the opportunity to partner with Asina’s talented team to continue to provide our customers with new and relevant experiences.”
The transaction is expected to close by mid-December. Ascena has previously signed several transactions to sell its assets. FullBeauty Brands Operations acquires the intellectual property and e-commerce business of Catherines, a plus-size brand, and Justice Brand Holdings LLC, founded by Bluestar Alliance LLC, acquires the intellectual property of the justice brand Justice. Has been completed.
Having reduced costs, consolidated and closed stores for several months, Ascena operates an e-commerce website and approximately 1,500 stores.
Based in New York, Sycamore Partners specializes in consumer, retail and distribution investments. In a statement Thursday, Sycamore said it would “partner with management to improve the operating profitability and strategic value of the business,” with assets under management of approximately $ 10 billion. The company’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.
Ascena sells division to Sycamore partner – WWD
Source link Ascena sells division to Sycamore partner – WWD