Completed merger creates third-largest U.S. specialty retailer
Mahwah, N.J. — Ann Inc. is no more.
Ascena Retail Group Inc. has completed its acquisition of Ann Inc.,formerlycalled Ann Taylor. Shares ofAnn Inc.will be delisted from the NYSE and trading ceased at the close of business on Friday, August 21st.
With the addition of the Ann Taylor,Loft, and Lou & Grey brands, Ascena is now one of North America’s largest and most diversified specialty apparel retailers, with $7.4 billion in trailing twelve month sales, a combined fleet of over 4,900 stores, and over 70,000 associates.
“This powerful merger joins two strong and highly complementary organizations and dramatically reinforces our leadership position in women’s specialty apparel retailing,” said David Jaffe, president and CEO. “The acquisition positions Ascena as the third-largest specialty apparel retailer and the single-largest focused on women’s apparel, with a diverse brand portfolio that serves women of all ages, sizes and demographics.”
Jaffe said Ascena has identified $150 million in annualized run rate synergies resulting from this transaction that it expects to capture by the end of the third year post-closing.
Ann Inc. willcontinue to operate as a wholly-owned subsidiary of Ascena.
Kay Krill,president and CEO of Ann Inc. stated: “As we embark on this next chapter in ANN INC.’s history, I am very excited about the opportunities ahead for our brands and our business. Combined with ascena, we have a stronger competitive position and financial base as part of the nation’s largest specialty retailer focused exclusively on women’s apparel. In taking this next step, our focus on our clients remains unchanged.
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