Ascena Retail Group Inc. is set to sell its Justice brand!
The ailing fashion retailer announced on Tuesday that it has, along with its certain subsidiaries, entered into an asset purchase agreement (APA) with Premier Brands Justice LLC.
As a part of the deal, Ascena will be selling tween brand’s intellectual property and e-commerce business, along with other assets.
Ascena is planning to organise a bankruptcy auction process that will see the participation of Premier Brands Justice – the stalking horse bidder.
However, the details and terms of the proposal haven’t been disclosed as yet.
While stating that the sale of Justice brand brings Ascena closer to its reorganisation process, Gary Muto, CEO, Ascena Retail Group, said that Justice is a brand that’s loved by tween girls and the company is looking forward to a competitive auction process.
He also added that all the restructuring activities intended at maximising the value of all of Ascena’s stakeholders.
Reportedly, Justice is expected to transition into primarily e-commerce platform.
After filing for Chapter 11 in July, Acena sold its Catherines business to FullBeauty Brands for US $ 40.8 million.
Also Read: FullBeauty to acquire Catherines for nearly US $ 41 million
Ascena’s continual efforts to focus on go-forward brands and bring down the number of its bricks-and-mortar stores should help the Group to emerge from bankruptcy sooner and better.
We will keep you updated on what’s next at Ascena!
