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Sycamore unit to acquire Ann Taylor, Loft, others for $540 mln

NEW YORK, Nov 26 (Reuters)Ascena Retail Group, which owns clothing brands such as Ann Taylor and Loft, said on Thursday it will be acquired by Premium Apparel LLC for $540 million on a cash-free and debt-free basis.

Premium Apparel, a unit of private equity firm Sycamore Partners, has committed to retain a substantial portion of the retail stores and associates affiliated with the brands, Ascena said in a statement.

Other brands under the Ascena Group, Lane Bryant and Lou & Grey, will also be part of Premium Apparel’s acquisition.

The transaction is expected to be completed by mid-December, the statement said.

Other Ascena assets – Catherines and Justice – have been already sold off.

FullBeauty Brands Operations has completed its acquisition of the intellectual property assets and e-commerce business of Catherines, while a vehicle formed by Bluestar Alliance has completed its acquisition of the intellectual property of Justice, the statement said.

Ascena filed for chapter 11 protection in July.

(Reporting by Gertrude Chavez-Dreyfuss, Editing by Rosalba O’Brien)

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