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Joele Frank and ICR are working the Chapter 11 filing of Ascena Retail Group, owner of the Ann Taylor, LOFT and Lane Bryant stores, a restructuring that will slash corporate debt by $1B.
ARG, which has 2,800 outlets, claims the revamp will provide the financial flexibility to allow it to focus on generating growth and driving value for customers and stakeholders.
Interim executive chair Carrie Teffner said the COVID-19 pandemic disrupted progress made to improve operating margins and strengthen the company's financial position.
The restructuring plan "will deleverage our balance sheet, right-size our operations and inject new capital into the business," according to Teffner.
ARG plans to "strategically reduce in footprint" by closing a "select number" of Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores, along with a "significant number" of Justice outlets.
The number of shutdowns depends on the outcome of negotiations with landlords to reach agreement on "sustainable lease structures." ARG believes it is in the best long-term interests of landlords to partner with it to keep as many stores open as possible.
The company is exiting the Canada, Mexico and Puerto Rico markets and shuttering its Catherines store chain.
Joele Frank, Wilkinson Brimmer Katcher's Meaghan Repko, Leigh Parrish and Dan Moore are handling media for ARG, while ICR's Jean Fontana is working the investment community.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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