Ann Taylor, Lane Bryant and other Ascena brands sold for $540M

A private equity firm specializing in retail investments has agreed to pay $540 million for Ascena Retail Group’s Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands. The sale to Premium Apparel LLC, an affiliate of New York-based Sycamore Partners, follows Ascena’s Chapter 11 bankruptcy filing in July and earlier sale of its Catherine’s, Justice and Dressbarn brands. Gary Muto, Ascena CEO, said a financial restructuring process following the bankruptcy filing maximized the value of the remaining…