Ascena Soars on Plan to Sell Struggling Maurices Clothing Chain

Mar 25 2019, 12:52 PMMar 25 2019, 2:53 PMMarch 25 2019, 12:52 PMMarch 25 2019, 2:53 PM

(Bloomberg) -- Ascena Retail Group Inc., the owner of Ann Taylor and Dressbarn, soared after announcing it will sell a majority interest in its Maurices Inc. chain to a private equity firm. The shares jumped the most in three months on the news.

An affiliate of OpCapita LLP will buy a stake in the women’s clothing retailer in a deal valued at about $300 million, Ascena said in a statement.

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Market Reaction

The shares climbed as much as 18 percent to $1.26 in New York Monday, the biggest intraday gain since Dec. 11. They had lost 57 percent this year through Friday’s close.

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