Monday, March 25, 2019

Ascena to sell majority stake in Maurices; Gap exec to come on board

Chain Store Age
Ascena Retail Group has signed a definitive agreement to sell a majority interest in Maurices to an affiliate of London-based private equity firm OpCapita LLP for about $300 million. (The 943-store Maurices division is part of Ascena’s “value” brand division.). The move is part of a comprehensive and ongoing portfolio review that is expected to yield run-rate cost savings of $300 million by July.

In a statement, Ascena chairman and CEO David Jaffe, citing “structural changes in our industry,” said the company has also developed plans for an additional $150 million in savings, which will drive operating margin rate expansion. . . . more