Women's apparel retailer Ann Inc said it had entered into a non-disclosure agreement with private equity firm Golden Gate Capital, a month after some hedge funds pushed the company to sell itself. Ann said on Tuesday that it had engaged in "a collaborative, constructive dialogue" with Golden Gate after the investment firm reported a 9.5 percent stake in the retailer on March 20.Last month, hedge funds Red Alder LLC and Engine Capital urged Ann to consider selling itself to a private equity firm or another apparel company, stepping up pressure on the company to improve its performance.Ann's shares were up about 8 percent at $39.80 in after market trading. (Reporting By Shubhankar Chakravorty in Bangalore; Editing by Simon Jennings)
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 traded higher by 2.05% or $0.74/share to $36.79. In the past year, the shares have traded as low as $30.71 and as high as $43.61. On average, 774609 shares of ANN exchange hands on a given day and today's volume is recorded at 653778.
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