Report: Ann Inc. looking to sell

Ann Inc. may be in talks with at least two potential buyers, according to a report this month from Bloomberg.

The $1.6 billion owner of the Ann Taylor and Loft women’s clothing stores said in an October regulatory filing it planned to review strategic options and that it is working with JPMorgan Chase & Co.

Ann Taylor has been under pressure to consider a sale for some months now. The company’s sales dropped to $647 million in the third quarter, from $658 million reported in the same quarter last year. Ann’s same store sales also fell 4.3% on a year-over-year basis, reflecting a decrease of 6.6% for Ann Taylor brand and a 2.9% decrease for the Loft brand.

Loft brings in almost 50% of the company’s revenue, while Ann Taylor generates 26% of the total revenue.

Executives with the company have blamed the retailer’s troubles on "weak traffic across the industry, a highly promotional retail environment and the impact of labor uncertainty at the ports, which resulted in shipment delays."

Read the Bloomberg report here.