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ascena retail group (OTCMKTS: ASNAQ) has achieved significant milestones in its Chapter 11 restructuring process. The U.S. Bankruptcy Court has approved its Disclosure Statement, allowing the company to solicit votes for its Plan of Reorganization, supported by 95% of secured term lenders, which aims to reduce debt by $1 billion. The company secured $400 million in debtor-in-possession financing, transitioning to exit financing upon emergence. FullBeauty is set to acquire Catherines’ e-commerce business for over $40 million.
ascena retail group (Nasdaq: ASNA) announced on July 23, 2020, that it has received Bankruptcy Court approval for First Day motions related to its voluntary Chapter 11 petitions. The Court authorized the use of over $430 million in cash collateral and allowed the company to meet obligations including employee wages and vendor commitments. Store closing sales were approved for various brands, while ascena aims to reduce its debt by approximately $1 billion through a restructuring plan supported by over 68% of its secured lenders. A new $150 million loan is pending approval to support operations.
Ascena Retail Group (Nasdaq: ASNA) has initiated store closing sales across all Catherines locations and several Justice, Ann Taylor, LOFT, Lane Bryant, and Lou & Grey stores in the U.S., Canada, and Puerto Rico. The Company partnered with SB360 Capital Partners to manage these sales, promoting storewide discounts on merchandise. Executive Vice President Aaron Miller anticipates a swift sale due to high demand for discounted items. Ascena remains committed to safety protocols for its staff and customers during this transition.
ascena retail group (NASDAQ: ASNA) has filed voluntary Chapter 11 petitions to implement a financial restructuring plan supported by over 68% of its secured term lenders. The plan aims to reduce approximately $1 billion in debt, enabling improved financial flexibility and ongoing operations. While Ann Taylor, LOFT, Lane Bryant, Justice, and Lou & Grey will continue serving customers, all Catherines stores will close, and an asset purchase agreement has been initiated for Catherines’ intellectual property. The company has secured a $150 million term loan to assist with operational needs.
ascena retail group, inc. (Nasdaq: ASNA) announced preliminary results for the third quarter ending May 2, 2020. Sales declined by 45% year-over-year as COVID-19 severely impacted operations. Approximately 450 of 2,800 stores have reopened, but customer traffic remains significantly reduced. The company reported $439 million in cash and cash equivalents, alongside $1,292 million in term-loan debt. Despite aggressive liquidity measures, the increase in debt and deferred liabilities raises concerns about long-term viability. The quarterly report is due by July 27, 2020, following a 45-day extension.
ascena retail group (Nasdaq: ASNA) announced a tax benefits preservation plan to protect stockholder value. Effective June 5, 2020, the Company will issue a dividend of one right per common share. This plan aims to prevent an "ownership change" that could limit the use of net operating losses to offset future income. If an entity acquires 4.9% or more of outstanding stock, it triggers potential dilution. The plan remains effective until May 25, 2021, unless terminated earlier. More details will be available in an upcoming Form 8-K filing.
