Is Ann Taylor Looking To Sell Off Its Business?
Ann Inc. owner of New York-based retailer Ann Taylor is said to be in talks with JP Morgan Chase & Co on a possible sale. On Friday Bloomberg reported, citing people with knowledge of the matter that Ann is working with on a potential sale has contacted possible suitors including rival retailers in recent weeks.
According to Bloomberg, ANN INC. has been under pressure from shareholders to sell, and is in talks with at least two buyout firms. Several private equity firms are said to be interested, and the company has also considered selling a stake or preferred shares according to the report.
The company’s sales took a hit in the third quarter, dropping from $657.5 million in 2013 to $646.8 million in 2014. Earlier this week Ann left its Bell Tower Shops after two decades, leaving Southwest Florida with only one full-scale store, in Naples. It had opened at the Bell Tower in 1997 as part of a major upgrading of the mall.
Following the news of the sale, Ann Inc’s stock price jumped up 8 percent.
