Ann Inc. (NYSE: ANN), parent company of Ann Taylor and Loft, is said to be exploring a sale. Insiders say the women's clothing brand is working with JPMorgan Chase as the company contacts potential buyers.
The company is supposedly talking with two buyout firms as it considers selling stakes and shares to a private equity firm, reported Bloomberg.
Ann Taylor has been under pressure to explore a sale since last summer, when Engine Capital and Red Alder said the company could get $50 to $55 a share, equivalent to $2.5 billion. The retailer was trading at less than $40 a share at the time and has been experiencing a decline in brick-and-mortar store traffic.
Ann has entered into a confidentiality agreement with its biggest shareholder, Golden Gate Capital, but it's unclear if the investor plans to make an offer.
Brick-and-mortar sales have been suffering since 2010, and the company announced a strategic realignment to help better organize the online and offline pieces of the business and build a stronger omnichannel strategy.
-See this Bloomberg article
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