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.Ann officials could not be reached for comment.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 1.38% or $-0.57/share to $40.82. 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 524561.
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 traded higher by 0.23% or $0.04/share to $17.18. 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 879644.
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 0.38% or $-0.06/share to $15.71. 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 2172618.
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