Hedge funds Red Alder LLC and Engine Capital again urged Ann Inc to consider a sale to a private equity firm or another apparel company, stepping up pressure on the women's retailer to improve its performance.A sale to retailers like Chico's FAS Inc, Ascena Retail Group, J.Crew or Fast Retailing Co Ltd, could fetch a price between $60 to $65 per share for the Ann Taylor parent, the hedge funds said in an investor presentation on Monday.A sale to a private equity firm like Golden Gate Partners, Sycamore Partners or Apax Partners, would likely take place between $50 to $55 per share, the funds said.Red Alder and Engine Capital, which together own more than 1 percent of Ann stock, said they have spoken to a number of shareholders and "not a single shareholder disagrees with our strong recommendation that Ann immediately conduct a strategic alternatives review. The consensus is that the status quo is not sustainable and that exploring a sale makes sense."
ANN INC., through its wholly owned subsidiaries, is a specialty retailer of women?s apparel, shoes and accessories sold primarily under the Ann Taylor and LOFT brands. Shares of ANN fell by 0.49% or $-0.2/share to $40.62. In the past year, the shares have traded as low as $30.71 and as high as $43.61. On average, 718572 shares of ANN exchange hands on a given day and today's volume is recorded at 108411.
Ascena Retail Group, Inc. (Ascena) is a national specialty retailer of apparel for women and teen girls operating, through its wholly owned subsidiaries, the Justice; Lane Bryant; maurices; dressbarn; and Catherines. Shares of ASNA fell by 0.99% or $-0.17/share to $17.01. In the past year, the shares have traded as low as $15.63 and as high as $23.14. On average, 903019 shares of ASNA exchange hands on a given day and today's volume is recorded at 92605.
Chico?s FAS, Inc. is a specialty retailer of private branded, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items under the Chico?s, White House / Black Market (WH/BM) and Soma Intimates (Soma) brand names. Shares of CHS fell by 0.86% or $-0.135/share to $15.58. In the past year, the shares have traded as low as $14.80 and as high as $19.84. On average, 2167650 shares of CHS exchange hands on a given day and today's volume is recorded at 69970.
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