Ascena Retail Group has struck a deal to sell its Ann Taylor, Loft, Lane Bryant, and Lou & Grey brands to private equity firm Sycamore Partners for US$540m.
Ascena, which filed for Chapter 11 bankruptcy protection in July, has entered into an asset purchase agreement (APA) with Sycamore affiliate Premium Apparel LLC which will acquire the brand assets on a cash-free and debt-free basis, subject to certain adjustments, and the assumption of certain liabilities.
Premium Apparel has committed to retaining a substantial portion of the retail stores and associates affiliated with the brands.
Source: Just-Style