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Dress Barn completes holding company reorganization
04 Jan '11
2 min read
The Dress Barn Inc announced that on January 1, 2011, it completed its previously announced holding company reorganization. A new Delaware corporation, Ascena Retail Group Inc, or Ascena, has replaced The Dress Barn Inc as the publicly held corporation. January 3, 2011, the shares of Ascena common stock will commence trading on the NASDAQ Global Select Market under the ticker symbol "ASNA".
The purpose of the reorganization is to provide the company with strategic, operational and financial flexibility. Incorporating the new holding company in Delaware will allow the company to take advantage of the flexibility, predictability and responsiveness that Delaware corporate law provides. The business operations, directors and executive officers of the company will not change as a result of the reorganization.
As a result of the reorganization, dressbarn, maurices and Tween Brands, which operates our Justice brand, became subsidiaries of Ascena, and DBI shareholders automatically became stockholders of the new Delaware holding company on a one-for-one basis, holding the same number of Ascena shares and same ownership percentage after the reorganization as they held immediately prior to the reorganization.
The reorganization was tax-free for DBI shareholders. The reorganization was approved at DBI's annual meeting of shareholders on December 17, 2010.
David R. Jaffe, President and Chief Executive Officer of Ascena Retail Group, Inc., commented, "In recent years, we've become a fundamentally different company that extends well beyond the original dressbarn concept and brand. We have become a family of retail brands, each serving a unique customer niche, each essential to our combined success. This name change reflects that reality as well as our vision for the future. We also believe that adopting a new holding company structure will enable each of our brands to better leverage our shared corporate infrastructure and to focus their efforts on delivering a great experience to their customers."
Ascena Retail Group Inc is a leading national specialty retailer of apparel for women and tween girls operating under the dressbarn, maurices and Justice brands. The Company operates 2,487 stores.
The purpose of the reorganization is to provide the company with strategic, operational and financial flexibility. Incorporating the new holding company in Delaware will allow the company to take advantage of the flexibility, predictability and responsiveness that Delaware corporate law provides. The business operations, directors and executive officers of the company will not change as a result of the reorganization.
As a result of the reorganization, dressbarn, maurices and Tween Brands, which operates our Justice brand, became subsidiaries of Ascena, and DBI shareholders automatically became stockholders of the new Delaware holding company on a one-for-one basis, holding the same number of Ascena shares and same ownership percentage after the reorganization as they held immediately prior to the reorganization.
The reorganization was tax-free for DBI shareholders. The reorganization was approved at DBI's annual meeting of shareholders on December 17, 2010.
David R. Jaffe, President and Chief Executive Officer of Ascena Retail Group, Inc., commented, "In recent years, we've become a fundamentally different company that extends well beyond the original dressbarn concept and brand. We have become a family of retail brands, each serving a unique customer niche, each essential to our combined success. This name change reflects that reality as well as our vision for the future. We also believe that adopting a new holding company structure will enable each of our brands to better leverage our shared corporate infrastructure and to focus their efforts on delivering a great experience to their customers."
Ascena Retail Group Inc is a leading national specialty retailer of apparel for women and tween girls operating under the dressbarn, maurices and Justice brands. The Company operates 2,487 stores.
The Dress Barn Inc
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