December 1, 2020
An affiliate of New York private equity firm Sycamore Partners is acquiring Mahwah, NJ-based Ascena Retail Group’s Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands for $540 million. The Sycamore affiliate, Premium Apparel LLC, has committed to retaining “a substantial portion” of the brands’ retail stores and associates.
“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. “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. Two other Ascena brands, Catharines and Justice, have been sold separately. In July, Ascena filed for Chapter 11 protection at U.S. Bankruptcy Court in Virginia.
For comments, questions or concerns, please contact Paul Bubny