MAHWAH, N.J., Nov. 11, 2020 (GLOBE NEWSWIRE) -- ascena retail group, inc. (OTCMKTS: ASNAQ) and certain of its subsidiaries) today announced that, following a comprehensive sale process and a competitive auction conducted under Section 363 of the U.S. Bankruptcy Code, Justice Brand Holdings LLC, an entity formed by Bluestar Alliance LLC, will acquire the intellectual property of ascena’s Justice brand, certain other Justice brand assets and assume certain liabilities for total consideration of approximately $90 million.
Gary Muto, Chief Executive Officer of ascena, commented, “The conclusion of the sale process for our Justice brand is a significant step forward in our efforts to complete our restructuring process and maximize value for all our stakeholders.”
Mr. Muto continued, “The optimization of our portfolio better positions ascena for long-term success and supports our vision for the future. As we seamlessly transition ownership of Justice over the coming weeks, we remain committed to delivering meaningful experiences for our customers every day. I thank our entire team for their continued focus as we prepare for the important holiday season.”
Justice stores will remain open and continue serving customers through the holiday season. A wind down of all Justice locations is expected to conclude by early 2021. In addition, Justice customers can continue to shop online at www.shopjustice.com through the holidays.
The transaction is subject to approval by the United States Bankruptcy Court for the Eastern District of Virginia (the “Court”) and certain other customary closing conditions. A hearing to seek Court approval is scheduled for November 12, 2020. The transaction is expected to close before the end of November 2020.
The Company continues to operate its Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands through its retail stores and online.
About ascena retail group, inc.
ascena retail group, inc. (OTCMKTS: ASNAQ) is a national specialty retailer offering apparel, shoes, and accessories for women under the Premium Fashion segment (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion segment (Lane Bryant and Cacique) and for tween girls under the Kids Fashion segment (Justice). ascena retail group, inc. through its retail brands operates ecommerce websites and approximately 1,500 stores (as of August 29, 2020) throughout the United States.
For more information about ascena retail group, inc. visit: ascenaretail.com, AnnTaylor.com, factory.anntaylor.com, LOFT.com, outlet.loft.com, lanebryant.com, and shopjustice.com.
