Ascena Retail Group

Ascena Retail Group, Inc.
Company type	Public (until 2020), Private (after 2020)
Industry	Retail (Women's apparel)
Founded	February 1, 1962; 64 years ago in Stamford, Connecticut, United States
Founder	Roslyn Jaffe and Elliot Jaffe
Fate	Integrated into KnitWell Group in 2023
Headquarters	Mahwah, United States
Area served	United States, Canada, Puerto Rico, Mexico
Key people	Lizanne Kindler (Executive Chair and Interim CEO, 2021)
Products	Women's apparel (brands include Lane Bryant, Ann Taylor, Loft, Cacique, Catherines, Lou & Grey, Justice)
Number of employees	53,000 (2019)
Website	www.ascena.com

Ascena Retail Group, Inc. was a prominent American retailer specializing in women's apparel, overseeing brands such as Lane Bryant and serving as the parent company to Ann Inc., which operates the Ann Taylor and Loft chains. In 2023, Ascena’s remaining brand portfolio was integrated with other assets owned by Sycamore Partners, resulting in the establishment of KnitWell Group.

The company was founded in 1962 by entrepreneurs Roslyn and Elliot Jaffe, who maintained roughly a quarter ownership stake. Its headquarters were located in Mahwah, New Jersey. By early 2020, Ascena managed 2,764 stores throughout the United States, Canada, Puerto Rico, and Mexico.

During 2019, Ascena generated revenues amounting to $5.493 billion but experienced financial setbacks with operating losses totaling $782 million and a net loss of $661 million. The workforce numbered around 53,000 employees. Its subsidiaries included Ann Taylor, Cacique, Catherines, Lane Bryant, Lou & Grey, LOFT, and Justice.

Founding and Expansion (1962–2019)

The inaugural Dressbarn store launched in February 1962 in Stamford, Connecticut, initiated by Roslyn Jaffe who recognized a demand for professional attire tailored to women entering the workforce.

The company went public on NASDAQ under the ticker DBRN in 1982. In January 2011, it reorganized as a Delaware corporation adopting the name Ascena Retail Group, Inc. to better represent its expanded portfolio and updated its NASDAQ symbol to ASNA.

In 2005, Ascena acquired Maurices Inc. from American Retail Group. The name "Ascena" originates from C&A Netherlands, the former parent company of Maurices.

Expanding into girls’ fashion in 2009, Ascena purchased Tween Brands, which owns Justice’s 891 stores aimed at girls aged 7 to 14. Justice replaced Limited Too, originally developed by The Limited.

In 2012, Ascena completed a $900 million acquisition of Charming Shoppes, which owned Lane Bryant, Cacique, and Catherines Plus.

On May 18, 2015, Ascena announced an agreement to acquire Ann Inc., operator of Ann Taylor and Loft brands, for $2.16 billion; the acquisition closed August 21, 2015. Ann Inc. became a subsidiary under Ascena’s umbrella.

David Jaffe resigned as CEO and chairman on May 1, 2019 after a tenure spanning 27 years; Gary Muto took over as CEO while COO Brian Lynch also left the company.

By May 20, 2019, Ascena declared plans to shut all approximately 650 Dressbarn outlets nationwide; this process was finalized by December 26 of that year.

Impact of the Pandemic and Store Closures (2020–2021)

On July 23, 2020, Ascena Retail Group filed for Chapter 11 bankruptcy, resulting in the closure of all Catherines and Lou & Grey locations alongside numerous Justice stores and select Ann Taylor, LOFT, and Lane Bryant units. By November 11, 2020, Ascena divested the Justice brand to Bluestar Alliance LLC and ceased operations of all remaining Justice physical stores as well as its online platform. A December 2020 report by Coresight Research identified Ascena as the leading U.S. retailer for store closures that year with approximately 1,200 closures out of a total of 8,400 nationwide.

On December 23, 2020, private equity firm Sycamore Partners finalized its purchase of Ascena’s core brands: Ann Taylor, LOFT, Lou & Grey, and Lane Bryant. This acquisition took Ascena private by removing it from public trading and marked its emergence from bankruptcy proceedings.

Following this transition, leadership adjustments occurred early in 2021; on January 4 CEO Gary Muto stepped down while Lizanne Kindler was appointed Executive Chair and Interim CEO to guide strategic leadership changes.

On August 30, 2023 Sycamore Partners announced the creation of the KnitWell Group, combining Talbots with remaining assets from Ascena to unify operations within a consolidated business structure.

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