
The sale to Premium Apparel LLC, first announced in November and priced at $540 million, comes as the Mahwah, New Jersey-based Ascena works to exit bankruptcy.
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The sale to Premium Apparel LLC, first announced in November and priced at $540 million, comes as the Mahwah, New Jersey-based Ascena works to exit bankruptcy.
According to the Center for an Urban Future, retail chains shuttered more than 1,000 stores in New York this year due to the impact of Covid-19, with both clothing and beauty stores implementing widespread closures.
As it seeks to exit bankruptcy, the Mahwah, New Jersey-based fashion retail group has announced plans to sell its Ann Taylor, Loft, Lane Bryant and Lou & Grey brands to an affiliate of Sycamore Partners.
The sale, which will see all Justice stores wound down by early 2021, comes after Ascena filed for Chapter 11 bankruptcy last July.
The New York-based investment and licensing firm has announced that it has entered into an asset purchase agreement with Ascena Retail Group to acquire its tween fashion and lifestyle brand, Justice.
Ascena Retail Group announced on Tuesday that it has entered into an asset purchase agreement to sell the intellectual property, e-commerce business and other assets of its Justice brand.
As the Dallas, Texas-based department store operator emerges from bankruptcy, it has announced that it is reducing its retail workforce as part of a review of its business.
Having filed for Chapter 11 bankruptcy in July, the Mahwah, New Jersey-based owner of Ann Taylor and Lane Bryant has received court approval for its reorganization plan, which must now be approved by its creditors.
Ascena Retail Group, owner of Ann Taylor and Lane Bryant, filed for Chapter 11 bankruptcy protection on Thursday, succumbing to the economic fallout of the Covid-19 pandemic.
Extended store closures, furlough programs and base salary reductions are just some of the measures announced by U.S.-based fashion retailers such as Crocs, Ascena and G-III since the start of the week.