Premium Apparel Acquires Ascena Retail Group

Premium Apparel LLC acquires Ascena Retail Group for $540 million. This payment will be on a cash-free and debt-free basis. Ascena Retail Group owns brands like Loft and Ann Taylor. Premium Apparel, a unit of the private equity firm Sycamore Partners, plans to keep most of the retail stores affiliated with the brands.

Not to mention, other Ascena Group brands that will be acquired are Lane Bryant and Lou & Grey. The transaction is expected to be completed by mid-December. Premium Apparel offered to purchase the brands before Ascena finalized its bankruptcy plan in the courts. The bid is not being disclosed to the public. Ascena's shares rose to 39 cents a share, which is the highest price of the share since September, after the announcement of the deal. The company's bankru...

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