ASCENA ENGAGES SB360 CAPITAL PARTNERS AS CONSULTANT TO CONDUCT STORE CLOSING SALES ACROSS BRANDS
BOSTON, Massachusetts – July 24, 2020 – Ascena Retail Group, Inc. (Nasdaq: ASNA) (“ascena” or the “Company”), a leading national specialty retailer for women’s and girls’ apparel, and SB360 Capital Partners, one of North America’s leading asset disposition specialists, today announced the commencement of store closing sales in all Catherines stores, a significant number of Justice stores, and a select number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores. This includes all stores across brands in Canada and Puerto Rico. The Company has engaged SB360 Capital Partners as its consultant to conduct the sales at most of the locations.
ascena is a leading 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, Catherines, and Cacique), and for tween girls under the Kids Fashion segment (Justice). The Company will continue to provide customers with compelling fashion assortments and an exceptional shopping experience in all of its open stores and online platforms.
Throughout all closing stores, customers can take advantage of storewide discounts off the original price on a full selection of merchandise in a wide range of styles and sizes.
“Because of the compelling discounts and the highly desirable merchandise, we expect this will be a short sale across all stores,” said Aaron Miller, Executive Vice President of SB360. “Customers are encouraged to shop early while quantities last as many of their favorite styles may go quickly.”
Stephen Miller, Co-President of SB360, said, “The Company’s store associates at these Ann Taylor, LOFT, Lane Bryant, Justice, Lou & Grey, and Catherines stores are dedicated to providing customers with the best shopping experience possible while offering great value on a large selection of merchandise.”
The Company continues to prioritize the safety of its associates, customers, and community by closely monitoring all state and local guidelines. Safe shopping practices have been implemented across all stores and will continue to be modified and updated based on local conditions and directives.
About SB360 Capital Partners LLC – SB360 Capital Partners (www.sb360.com), a Schottenstein Affiliate, helps businesses manage change, restructure assets, and turn around dwindling profitability. SB360 makes equity investments to infuse capital for growth opportunities, fund turnarounds, and provide liquidity to businesses experiencing change. SB360 acquires assets of all types including inventory, fixed assets, intellectual property, real estate, and complete business units. The firm’s asset disposition services range from providing guaranteed asset value recovery to acting as a liquidation consultant. Additionally, SB360 has entities engaged in real estate advisory, commercial real estate investment and the operation of the SBC Logistics Asset Recovery Center in Columbus. A lending affiliate, Second Avenue Capital Partners, provides asset-based loans for middle-market companies. The principals of SB360 hold extensive commercial interests in national retail and wholesale operations; internationally recognized consumer brands; commercial, residential, and industrial real estate properties; and financial service operations.
About Ascena Retail Group, Inc. – Ascena Retail Group, Inc. (Nasdaq: ASNA) 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, Catherines, and Cacique) and for tween girls under the Kids Fashion segment (Justice). Ascena Retail Group, Inc. through its retail brands operates e-commerce websites and approximately 2,800 stores throughout the United States, Canada, and Puerto Rico.