ascena retail group Completes Sale of maurices
May 06 2019 - 5:53PM
Business Wire
--Latest Move in the Company’s Ongoing
Transformation--
ascena retail group, inc. (Nasdaq: ASNA) (“ascena” or the
“Company”) today announced that it has completed the sale of
Maurices Incorporated (“maurices”) to an affiliate of OpCapita LLP
(“OpCapita”). The transaction is valued at approximately $300
million. The Company received approximately $210 million in cash
before expenses, and an approximately 49.6% interest in the
OpCapita affiliate that is now the owner of maurices. ascena will
continue to support maurices on its shared business services
platform through a managed services agreement, including support
for IT, supply chain, sourcing and certain back office
functions.
The announcement follows the March 25, 2019 news release in
which ascena announced it had entered into a definitive agreement
to sell the maurices business.
About ascena retail group,
inc.
ascena retail group, inc. (Nasdaq: ASNA) is a leading national
specialty retailer offering apparel, shoes, and accessories for
women under the Premium Fashion segment (Ann Taylor, LOFT, and Lou
& Grey), Value Fashion segment (dressbarn), Plus Fashion
segment (Lane Bryant, Catherines and Cacique), and for tween girls
under the Kids Fashion segment (Justice). ascena retail group, inc.
operates ecommerce websites and approximately 3,500 stores
throughout the United States, Canada and Puerto Rico.
For more information about ascena retail group, inc. visit:
ascenaretail.com, AnnTaylor.com, factory.anntaylor.com, LOFT.com,
outlet.loft.com, louandgrey.com, maurices.com, dressbarn.com,
lanebryant.com, Catherines.com, and shopjustice.com.
About OpCapita LLP
OpCapita is a sector-focused private equity firm that
specializes in transforming operationally underperforming
businesses in the retail, consumer and leisure sectors. Their most
relevant transaction in the retail space involves NKD, a value
clothing retailer with approximately 1,800 small format stores in
secondary and tertiary cities, primarily in Germany and Austria.
OpCapita achieved a successful turnaround of NKD by focusing on
rationalizing the supply chain, managing store costs and enhancing
customer communication, merchandise planning and inventory
management. On March 19, 2019, OpCapita announced an agreement to
sell NKD to funds advised by TDR Capital.
Forward-Looking
Statements
Certain statements made within this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially. Forward-looking
statements are statements related to future, not past, events, and
often contain words such as “expect,” "anticipate," "intend,"
"plan," "believe," "seek," "see," "will," "would," “estimate,”
“forecast,” "target," “preliminary,” or range.” The Company does
not undertake to publicly update or review its forward-looking
statements even if experience or future changes make it clear that
our projected results expressed or implied will not be achieved.
Detailed information concerning a number of factors that could
cause actual results to differ materially from the information
contained herein is readily available in the Company’s most recent
Annual Report on Form 10-K.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190506005810/en/
For investors:ICR, Inc.Jean FontanaManaging Director(646)
277-1214Jean.Fontana@icrinc.com
Jennifer DavisSenior Vice President(646)
677-1813Jennifer.Davis@icrinc.com
For media:ascena retail group, inc.Shawn
BuchananCorporate Communications(212)
541-3418shawn_buchanan@ascenaretail.com
Ascena Retail (NASDAQ:ASNA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ascena Retail (NASDAQ:ASNA)
Historical Stock Chart
From Jul 2023 to Jul 2024