Sycamore Got a Bargain For Ann Taylor and Loft, But Is Now Tasked With a Turnaround

Ascena paid $2 billion to buy the two brands in 2015, but is now selling them to the PE firm for a fraction of that

While consumers across the U.S. hunted for bargains during Cyber Week, private equity firm Sycamore Partners was indulging in a little shopping of its own. On Thanksgiving Day, it announced the acquisition of the Ann Taylor, Loft, Lou & Gray and Lane Bryant brands from beleaguered parent Ascena with a $540 million offer.