Ascena Retail Group, Inc. a leading American specialty retailer offering clothing, shoes, and accessories for missy and plus-size women, has announced that it has completed its acquisition of ANN INC. for a combination of cash and Ascena stock in an accretive transaction.
In a statement Ascena said that with the completion of the merger, ANN INC. shares have been be delisted from the NYSE and trading have cease at the close of business on August 21. ANN INC. will continue to operate as a wholly-owned subsidiary of Ascena.
With the addition of the Ann Taylor, LOFT, and Lou & Grey brands, Ascena is now one of North America's largest and most diversified specialty apparel retailers, with $7.4 billion in trailing 12 month sales, a combined fleet of over 4,900 stores, and over 70,000 associates.
David Jaffe, Ascena's president and CEO, commented: “We expect to leverage ascena's state-of-the-art distribution and fulfillment centers and its shared services capabilities to rapidly and comprehensively integrate the ANN INC. brands, and drive significant value to our stockholders. We have identified $150 million in annualized run rate synergies resulting from this transaction that we expect to capture by the end of the third year post-closing.”
ANN INC president and CEO Kay Krill said, “Combined with Ascena, we have a stronger competitive position and financial base as part of the nation's largest specialty retailer focused exclusively on women's apparel. In taking this next step, our focus on our clients remains unchanged. We look forward to continuing to be her go-to wardrobing destination by delivering the same great fashion, the same high level of quality and service, and the seamless shopping experience that are hallmarks of shopping with our brands.” (SH)
Fibre2Fashion News Desk – India