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Golden Gate buys 9.5% stake in Ann Inc.
San Francisco – Private equity firm Golden Gate Capital Corp. disclosed in a regulatory filing that it has purchased a 9.5% ownership stake in Ann Inc., parent of Ann Taylor.
In a letter to the Ann Inc. board of directors, Golden Gate said it looks forward to working collaboratively with Ann Inc. The company said that it did not plan to seek changes to the retailer’s board or executive team, or to push for a sale
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New York & Company grows net income in Q4, moves HQ
New York – New York & Company grew its net income during the fourth quarter of fiscal 2013 11% to $6.9 million, from $6.2 million. Net sales fell 7% to $271 million from $291.8 million and same-store sales climbed 1.2%.
New York & Company attributed its improved net income to expense controls and increased merchandise margin. The company also cited the 53rd week in fiscal 2012 as affecting its negative net sales growth.