An agreement has been made between Ascena Retail Group and Premier Brands Justice for $35M.
Ascena announced that it has entered into an asset purchase agreement with Premier Brands Justice LLC to sell the intellectual property, e-commerce business and other assets of its Justice brand. Ascena intends to conduct an auction where Premier Brands Justice will serve as the ‘stalking horse bidder’ in a court-supervised auction process whereby the APA is subject to higher or otherwise better offers.
“A sale of the Justice intellectual property, e-commerce business and other assets brings us closer to the completion of our restructuring process. All of our restructuring activities are focused on maximising value for all of our stakeholders and positioning the Ascena brands for long-term success,” commented Gary Muto, Chief Executive Officer.
He continues: “With a reduced store footprint and a more focused collection of go-forward brands, we believe that Ascena will emerge from Chapter 11 better able to strategically invest in our future and generate sustainable, profitable growth.”
Ascena Retail Group continues to operate Ann Taylor, LOFT, Lane Bryant and Lou & Grey through retail stores and online.
