There has been speculation over the last few months that private equity firm Sycamore Partners has been eyeing the bankrupt retailer Ascena Retail Group. However, nothing ever came out distinctly.
Also Read: Authentic Brands and Sycamore bid to acquire bankrupt Ascena
Late last week, as reported by Bloomberg, Sycamore Partners has yet again offered to buy some major assets of Ascena, including that of Ascena’s brands like Ann Taylor, Loft and Lane Bryant.
The negotiations are underway though no details regarding the bidding amount were disclosed. Both Sycamore and Ascena Group haven’t commented on the same so far.
It was only last week that the Ascena Group had got approval from the US Court for its Disclosure Statement and restructuring plan.
Also Read: Ascena achieves new milestone in court-supervised Chapter 11 process
Now that meant Ascena would be going ahead with Ann Taylor, Loft and Lane Bryant – the key brands that Sycamore is now eager to acquire.
Ascena is keen to hold on to its esteemed brands though the brands haven’t been too profitable for the Group. When Ascena’s Q3 sales fell by 44.8 per cent last month, the net sales of its brands like Ann Taylor and Loft (45.9 per cent fall) too had taken a massive hit.
It is worth mentioning that Ascena-owned Catherine’s e-commerce business was early this month acquired by FullBeauty for over US $ 40 billion.
Also Read: FullBeauty to acquire Catherines for nearly US $ 41 million
Sycamore Partners is a New York-based private equity firm that was founded in 2011 and has more than US $ 15 billion in capital under management.
