Maurices owner to buy Ann Taylor women's clothing chain for $2.15 billion

Tuesday, May 19, 2015

Ascena Retail Group Inc., the parent company of Duluth-based Maurices, announced Monday it is buying fellow women’s retailer Ann Inc. for $2.15 billion.

The deal increases Ascena’s reach in the women’s apparel market. By adding the Ann Taylor and Loft brands to its portfolio — which also includes clothing chains Dress Barn and Lane Bryant, and preteen retailer Justice — the Mahwah, N.J.-based company will become one of North America’s largest and most diversified specialty apparel retailers, Chief Executive David Jaffe said.

“This powerful transaction joins two strong and highly complementary organizations and management teams,” he said in a statement.

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Category: Investors