Premium Apparel, an affiliate of Sycamore Partners, has bought Ann Taylor, LOFT, Lou & Grey, and Lane Bryant brands from Ascena retail group and certain of its subsidiaries. Premium Apparel will retain a substantial portion of the retail stores, associates, and corporate operations affiliated with these brands. The sale of these brands has been completed.
“We are pleased to have completed this transaction, which secures a path for the long-term success of Ann Taylor, LOFT, Lou & Grey, and Lane Bryant,” said Gary Muto, chief executive officer. “We have worked diligently to maximise the value of our brands, and we are confident they will thrive under Sycamore’s ownership.”
Muto continued, “I would like to thank our associates, who have remained focused on meeting our customers’ needs throughout our financial restructuring process. While we have certainly faced obstacles in the challenging retail landscape brought on by the global pandemic, our associates have consistently demonstrated leadership, professionalism and dedication to our customers and to each other. Ann Taylor, LOFT, Lou & Grey and Lane Bryant will continue to serve customers through the holiday season and beyond.”
“We’re pleased to have completed our purchase of these four highly respected apparel brands and are excited by the opportunity to unlock their full potential as part of our portfolio,” said Stefan Kaluzny, managing director of Sycamore Partners. “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.”
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