Ascena Retail Group has completed the $540 million sale of Ann Taylor, Loft, Lane Bryant and Lou & Grey to Premium Apparel LLC, an affiliate of private equity firm Sycamore Partners.
Ascena, which filed for bankruptcy in July, said that Sycamore has committed to “retaining a substantial portion of the retail stores and associates affiliated with these brands.” As of August 29, Ascena operated 1,500 stores throughout the U.S. in addition to e-commerce sites. The deal is expected to keep about 900 stores open.
“We’re 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,” said Stefan Kaluzny, managing director of Sycamore Partners. “We look forward to working with the brands’ associates to continue delivering great products and memorable experiences to their customers, while positioning each for long-term success.”
In September, Ascena sold its plus-size Catherines brand for $40.8 million to FullBeauty Brands Operations, and in November, it entered into a deal to sell Justice for $90 million to Bluestar Alliance. Both sales have been completed.