The Ascena Retail Group recently announced that it has entered into an asset purchase agreement with Premier Brands Justice to sell the intellectual property, e-commerce business and other assets of its Justice brand. It intends to conduct an auction in which Premier Brands Justice will be the ‘stalking horse bidder’ in a court-supervised auction process.

Ascena expects a decision about the remaining Justice retail locations will be made as part of the auction process, it said in a press release.

“A sale of the Justice intellectual property, e-commerce business and other assets brings us closer to the completion of our restructuring process. All of our restructuring activities are focused on maximizing value for all of our stakeholders and positioning the ascena brands for long-term success,” said Gary Muto, the US-based group’s chief executive officer.

“With a reduced store footprint and a more focused collection of go-forward brands, we believe that Ascena will emerge from Chapter 11 better able to strategically invest in our future and generate sustainable, profitable growth. Justice remains a brand beloved by tween girls, and we look forward to a competitive auction process,” he added.

Fibre2Fashion News Desk (DS)

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