ASSOCIATED PRESS: The Ascena Retail Group is buying the owner of Ann Taylor and Loft for about $2.16 billion.
ASSOCIATED PRESS: The Ascena Retail Group is buying the owner of Ann Taylor and Loft for about $2.16 billion.
Ann Taylor will join a stable of retail clothing stores owned by Ascena, including Lane Bryant, Justice, Dress Barn and Cacique. Ascena, based in Mahwah, New Jersey, owns about 3,900 stores in the U.S. and Canada.
Ann had 1,030 Ann Taylor, Ann Taylor Factory, Loft, Loft Outlet and Lou & Grey stores in 47 states, the District of Columbia, Puerto Rico and Canada as of Jan. 31. The retailer posted a surprisingly strong fourth-quarter profit in March after shaking up its lineup. The company is planning to grow its new casual brand, Lou & Grey, by opening more stores this year and launching its own e-commerce website.
