Sycamore Partners has reportedly made a preliminary bid to acquire assets from Ascena Retail Group, including the Ann Taylor, Loft and Lane Bryant brands, people familiar with the matter told Bloomberg. The offer is non-binding and negotiations will continue until a final bid is submitted to the bankruptcy court.
Representatives for Sycamore and Ascena declined to comment on the matter, according to Bloomberg.
Ascena filed for Chapter 11 bankruptcy protection in July, and is currently finalizing a plan that would cut its debt by approximately $1 billion and give ownership of the remaining assets to lenders including Bain Capital and Monarch Alternative Capital. Ascena already is planning to sell Catherines to FULLBEAUTY Brands for $40.8 million as part of the realignment process.
Sycamore Partners expressed interest in taking Victoria’s Secret private earlier this year, but the deal was called off in May in a mutual agreement. The private equity firm also made two ultimately unsuccessful offers for Chico’s FAS in 2019 and successfully acquired The Limited Stores’ brand name and ecommerce business in 2017.