Private equity giant Sycamore Partners has acquired the assets of Ascena Retail Group after the company filed for Chapter 11 bankruptcy earlier this year. The bankruptcy filing and buyout comes just 5 years after Ascena purchased LOFT and Ann Taylor for $2.2 billion.
Several iconic retailers have been targeted this year after being forced into bankruptcy by the pandemic. One of the most active players has been Authentic Brands Group which purchased Brooks Brothers, Forever 21, and Lucky Brand Jeans after the pandemic pushed them over the edge.
Ascena already began selling off brands last year when financial challenges began to mount, but the measures were insufficient in staving off the inevitable.