Mahwah, N.J. and New York City — ascena retail group, inc. and ANN INC. have entered into a definitive merger agreement under which ascena will acquire ANN INC.
The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second half of 2015, subject to customary closing conditions.
“This powerful transaction joins two strong and highly complementary organizations and management teams and dramatically reinforces our leadership position in women’s specialty apparel retailing,” says David Jaffe, ascena’s president and chief executive officer. “With the addition of the Ann Taylor and LOFT brands, ascena will become one of North America’s largest and most diversified specialty apparel retailers.”
ascena retail group, inc. is a leading specialty retailer offering clothing, shoes, and accessories for missy and plus-size women under the Lane Bryant, Cacique, maurices, dressbarn and Catherines brands; and for tween girls under the Justice brand. ascena Retail Group, Inc. operates through its subsidiaries approximately 3,900 stores throughout the United States and Canada.
ANN INC. is the parent company of Ann Taylor and LOFT, two of the leading women’s specialty retail fashion brands in North America. As of January 31, 2015, the company operated 1,030 Ann Taylor, Ann Taylor Factory, LOFT, LOFT Outlet and Lou & Grey stores in 47 states, the District of Columbia, Puerto Rico and Canada.
SOURCE: ANN INC.; ascena retail group, inc.