Private-equity firm Golden Gate Capital disclosed a 9%
stake in Ascena Retail Group Inc. and said it is
in early stages of discussions with the apparel retailer on ways to create value
for shareholders. In a regulatory filing, Golden Gate called Ascena's shares an
attractive investment that is significantly undervalued, adding it sees a good
opportunity to become a significant shareholder in a "high-quality and
well-managed business at a very attractive valuation." Ascena reached a deal to
buy Ann Inc., the parent of Ann Taylor, in May for about $2 billion. Golden Gate
was an investor at Ann as well and last year made similar comments about that
company being an attractive and undervalued investment.
More Ascena Retail news from this
month:
On Oct. 7, 2015 ascena retail group, inc. announced that Kay
Krill is transitioning from President and CEO of ANN INC. and has been appointed
to ascena’s Board of Directors. Gary Muto, who currently serves as President of
ANN brands, will succeed Ms. Krill as President and Chief Executive Officer of
ANN INC., a subsidiary of ascena. Ms. Krill will work closely with Mr. Muto to
ensure a seamless transition of this leadership role in overseeing all aspects
of ANN INC. and the Ann Taylor, LOFT and Lou & Grey brands.
Learn more about
Ascena Retail Group here on Apparel Search.