Loft news and archive

Ascena Retail’s sale of Lane Bryant, Anna Taylor and Loft to close in mid-December

Bankrupted Ascena Retail Group (OTCMKTS: ASNAQ) has agreed to sell the remainder of its retail brands (Lane Bryant, Ann Taylor, Loft, and Lou & Grey) to Premium Apparel LLC, an affiliate of Sycamore Partners LLC for 540 million dollars. The deal is inclusive of termination rights for Ascena including a 54 million dollars termination fee. The...

Business

FullBeauty to acquire Catherines’ ecommerce business from Ascena

Ascena Retail Group, inc. has announced that FullBeauty Brands Operations, LLC will acquire Catherines’ intellectual property assets for a base purchase price of 40.8 million dollars and potential upward adjustment for certain inventory. The company also said that The United States Bankruptcy Court for the Eastern District of Virginia has...

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Business

Ann Taylor owner Ascena files for bankruptcy protection

Ascena Retail Group, inc. has entered into a restructuring support agreement (RSA) with over 68 percent of its secured term lenders. The company said in a statement that the plan is expected to reduce Ascena’s debt by approximately 1 billion dollars and provide increased financial flexibility to enable the company to continue its focus on...

Business

Ascena Q2 net loss widens, comparable sales drop 2 percent

Ascena Retail Group, inc. reported net sales for the second quarter of 1,217 million dollars compared to 1,271 million dollars in the year-ago period, reflecting a comparable sales decrease of 2 percent, a decline in other revenue and a decrease in non-comparable sales. Gross margin decreased to 635 million dollars from 660 million dollars,...

Business

Ascena reports profit in Q1, comparables sales remain flat

Net sales for the first quarter at Ascena Retail Group were 1,297 million dollars compared to 1,339 million dollars in the year-ago period, which the company said reflect flat comparable sales for the quarter and a decrease in non-comparable sales which include the impact of the store closures. The company reported net income from continuing...

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Business

Ascena Retail Group reports Q4 net loss of 420 million dollars

Net sales for the fourth quarter of fiscal 2019 at Ascena Retail Group, were 1,454 million dollars compared to 1,520 million dollars in the year-ago period, reflecting flat comparable sales for the quarter and the unfavourable impact resulting from the 53rd week recorded in the prior fiscal year. The company said in a statement that gross margin...

Business

Ascena Retail Group's Q2 net loss widens

Ascena Retail Group, Inc. for its second quarter reported a net loss of 72 million dollars or 36 cents per diluted share compared to 39 million dollars or 20 cents per diluted share, in the year-ago period, as the company said, an increase in comparable sales was more than offset by the impact of a lower gross margin rate and a lower benefit...