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Ascena Retail signs asset purchase agreement with Sycamore

30
Nov '20
Pic: Goran Bogicevic / Shutterstock.com
Pic: Goran Bogicevic / Shutterstock.com
Ascena Retail Group recently announced entering into an asset purchase agreement (APA) with Premium Apparel LLC, an affiliate of Sycamore Partners, a private equity firm specialising in consumer, retail and distribution investments, to sell Ascena’s Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands.

Premium Apparel will acquire the brand assets for a purchase price of $540 million, on a cash-free and debt-free basis, subject to certain adjustments, and the assumption of certain liabilities.

Under the APA, Premium Apparel has committed to retaining a substantial portion of the retail stores and associates affiliated with these brands, according to a press release from the Ascena Retail Group.

The transaction is expected to be completed by mid-December.

Fibre2Fashion News Desk (DS)


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