Premium Apparel has acquired the brand assets of Ann Taylor, Loft, Lane Bryant, and Lou & Grey for $540m

Premium Apparel has acquired the brand assets of Ann Taylor, Loft, Lane Bryant, and Lou & Grey for $540m

Ascena Retail Group has completed the sale of its Ann Taylor, Loft, Lane Bryant, and Lou & Grey brands to private equity firm Sycamore Partners.

Ascena, which filed for Chapter 11 bankruptcy protection in July, entered into an asset purchase agreement (APA) with Sycamore affiliate Premium Apparel LLC in November, which saw Premium Apparel commit to retaining a substantial portion of the retail stores, associates, and corporate operations affiliated with the brands.

Ascena CEO Gary Muto said the US$540m transaction secures a path for the long-term success of the labels. 

"We have worked diligently to maximise the value of our brands, and we are confident they will thrive under Sycamore's ownership."

Stefan Kaluzny, managing director of Sycamore Partners, added: "We look forward to working with the brands' associates to continue delivering great products and memorable experiences to their customers, while positioning each for long-term success."

The move follows the acquisition of Catherines' intellectual property assets and e-commerce business by FullBeauty Brands Operations, and that of the intellectual property of Justice to Justice Brand Holdings LLC, an entity formed by Bluestar Alliance LLC.