Sycamore Partners-backed Premium Apparel to acquire brand assets of Ascena Retail Group for $540m.

Sycamore Partners-backed Premium Apparel, an apperal retailer, agreed to acquire Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands assets of Ascena Retail Group, a women's clothing retailer, for $540m. “We are pleased to announce an agreement with Sycamore Partners, an experienced and trusted leader in the retail sector. The commitment Sycamore has made to our people and business is a testament to the long-term growth potential of our brands.I want to thank our associates, as well as our customers and vendors, for their support of ascena and our brands. We are looking forward to the holiday season and beyond in Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores and online," Gary Muto, Ascena Retail Group Chief Executive Officer.