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.Ascena Retail Group has entered into an asset purchase agreement with Premium Apparel, an affiliate of Sycamore Partners, to sell Ascena's Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands. The latter will acquire the brand assets for a purchase price of $540 million, on a cash-free and debt-free basis, subject to some adjustments and 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.
ALCHEMPro News Desk (DS)
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