Wednesday, April 24, 2024
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Ann Taylor

Newspeopleretailers

Chico’s FAS, Inc. Appoints SVP of Merchandising & Design at Soma®

by Katie Lee

Fort Myers, Fla. — Chico’s FAS, Inc. has named Christine Munnelly as the senior vice president of merchandising & design at Soma®. She will be responsible for the product, design and overall strategy for Soma and will report directly to Molly Langenstein, CEO and president of Chico’s FAS. With over 35 years of experience in the corporate retail landscape working for an accomplished portfolio of vertical specialty and department stores, Munnelly is a veteran in leading talented and diverse teams in merchandise lifecycle strategy, product development, e-commerce and building consumer-centric …

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Newsretailers

Premium Apparel Agrees to Acquire Multiple Clothing Brands from Ascena Retail Group for $540 Million

by Katie Lee

New York City and Mahwah, N.J. — Premium Apparel LLC, an affiliate of New York City-based private equity firm Sycamore Partners, has entered into an agreement to purchase multiple clothing brands from Mahwah, N.J.-based Ascena Retail Group for $540 million. The apparel and footwear brands in question include Ann Taylor, LOFT, Lane Bryant and Lou & Grey. Under the terms of the deal, which is expected to close by mid-December, Premium Apparel will acquire the brands on a cash-free and debt-free basis. Premium Apparel did not specify how many of …

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Newsretailers

Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores

by Katie Lee

Mahwah, N.J. — Ascena Retail Group, the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah, N.J.-based company has reopened 95% of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of store closings was not disclosed, but the company said it will close a “significant” number of Justice stores, …

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