Ascena To Sell Ann Taylor, LOFT, Lane Bryant And Lou & Grey Brands

(RTTNews) - ascena retail group, inc. has entered into an asset purchase agreement with Premium Apparel LLC, an affiliate of Sycamore Partners, 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. The transaction is anticipated to be completed by mid-December.

Gary Muto, CEO, said: "At ascena, we have made significant progress in our financial restructuring process. We have worked diligently to maximize the value of all of our brands, and today's agreement with Sycamore is the latest example."

Under the agreement, Premium Apparel has committed to retaining a substantial portion of the retail stores and associates affiliated with these brands.