Ascena restructuring approved post-bankruptcy

first_img Email Address* Under the terms of the deal, first disclosed late last year, 900 of the company’s stores were required to remain open — but a big mall owner has challenged Sycamore’s intentions to keep up that end of the agreement.Simon Property Group, the country’s largest mall owner, objected to the plan after Sycamore disclosed its intention to close 160 stores in Simon-owned malls.The mall owner told the court in February that Sycamore was preparing to violate the spirit of the restructuring plan by preserving stores whose leases expired the soonest. Once the plan took effect, leases would expire, leading to the closure of more locations.Sycamore “has repeatedly bankrupted retailers it acquired to the detriment of their creditors,” the objection reads. The document goes on to cite Sycamore’s alleged failure with retailers Nine West and Belk.Mall owner Taubman filed an objection backing up Simon’s.It’s not the first time Simon has clashed with Sycamore.Sycamore similarly previously offered $1.75 billion to buy J.C. Penney, which is now owned by Simon Property Group and Brookfield Asset Management. Under their plan, Sycamore would rebrand 250 JCPenney stores to the Belk name and liquidate the rest. The plan was eventually rejected.Contact Sasha Jones Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Ascena owns Ann Taylor, Lane Bryant, Lou & Grey and Cacique. (Getty)A bankruptcy court has approved Ascena Retail Group’s Chapter 11 plans.Under the plans, Ascena — which owns Ann Taylor, Lane Bryant, Loft and Lou & Grey — will be renamed Mahwah Bergen Retail Group.Ascena originally filed for bankruptcy last July. In December, private equity firm Sycamore Partners agreed to acquire the company — and bring it out of bankruptcy — for $540 million. The deal is valued at $1 billion overall.As of Oct. 31, 2020, Ascena had total assets of $2.2 million and total liabilities of approximately $3 million. A representative for Ascena did not respond to a request for comment.Read moreAscena rescued from bankruptcy by private equity firmJ.C. Penney bankruptcy plan approved by judgeAnn Taylor and Lane Bryant parent company files for bankruptcy Full Name* Email Address* Share via Shortlink Contact Orion Jones Full Name* Message* Message* bankruptcyCommercial Real EstateRetaillast_img read more

Vidic a shock absence from tour

first_img However, Vidic’s non-appearance was not expected and there was no immediate explanation from the club. There was no hint of any problem on Friday when Vidic attended the official unveiling of David Moyes as Sir Alex Ferguson’s successor. And while his absence may be connected to the treatment received by the Serbian on the chronic knee injury that ruled him out for virtually 12 months, any fresh problem would be a concern. In addition to Van Persie and De Gea, Shinji Kagawa will also be a late arrival, linking up with his team-mates in Japan on July 21 after a rest following his country’s Confederations Cup campaign. As anticipated, Robin van Persie and David de Gea both miss Saturday’s opener in Bangkok after being given additional time off following their summer international commitments, although they are due to join up in Sydney. And, just as David Moyes predicted, injury victims Chris Smalling (foot), Ashley Young (ankle) and Nani (broken nose) were also missing due to injury. Manchester United skipper Nemanja Vidic is a surprise absentee from the club’s pre-season touring squad.center_img Press Associationlast_img read more