ANN Inc., the New York-based parent company of fashion retail brands Ann Taylor and LOFT, has donned Kekst and Company for PR support amid pressure from activist hedge funds to sell.
Engine Capital and Red Alder, two hedge funds that claim a stake of more than 1% in the company, are mounting a push dubbed "Time for a Change at ANN, Inc.," and presented a plan to investors on Sept. 15 urging a sale to companies like J Crew, Ascena Retail or Chico's FAS. The funds, which want ANN to form a special committee to review strategic alternatives, said a sale to another retailer could fetch from $60-$65 per share, while unloading to a private equity firm would garner $50-$55 per share.
ANN shot back to say the funds' presentation did not contain any analyses that were new to the company's board. "The conclusions that one draws from these analyses depend heavily on the various assumptions made," the company said.
Private equity firm Golden Gate Capital bought a 9.5% stake in ANN in March.
Judith Lord is VP of IR at ANN. Kekst's Wendi Kopsick and Andrea Calise are shoring up PR.
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