Shares of new Delaware holding company to commence trading on the
NASDAQ Global Select Market under ticker symbol "ASNA"
SUFFERN, N.Y., Jan 03, 2011 (BUSINESS WIRE) --
TheDress Barn, Inc. (NASDAQ: DBRN) today announced that
on January 1, 2011, it completed its previously announced holding
company reorganization. A new Delaware corporation, Ascena Retail Group,
Inc., or Ascena, has replaced The Dress Barn, Inc. ("DBI") as the
publicly held corporation. Today, January 3, 2011, the shares of Ascena
common stock will commence trading on the NASDAQ Global Select Market
under the ticker symbol "ASNA".
The purpose of the reorganization is to provide the company with
strategic, operational and financial flexibility. Incorporating the new
holding company in Delaware will allow the company to take advantage of
the flexibility, predictability and responsiveness that Delaware
corporate law provides. The business operations, directors and executive
officers of the company will not change as a result of the
As a result of the reorganization, dressbarn, maurices and
Tween Brands, which operates our Justice brand, became
subsidiaries of Ascena, and DBI shareholders automatically became
stockholders of the new Delaware holding company on a one-for-one basis,
holding the same number of Ascena shares and same ownership percentage
after the reorganization as they held immediately prior to the
The reorganization was tax-free for DBI shareholders. The reorganization
was approved at DBI's annual meeting of shareholders on December 17,
David R. Jaffe, President and Chief Executive Officer of Ascena Retail
Group, Inc., commented, "In recent years, we've become a fundamentally
different company that extends well beyond the original dressbarn
concept and brand. We have become a family of retail brands, each
serving a unique customer niche, each essential to our combined success.
This name change reflects that reality as well as our vision for the
future. We also believe that adopting a new holding company structure
will enable each of our brands to better leverage our shared corporate
infrastructure and to focus their efforts on delivering a great
experience to their customers."
About Ascena Retail Group, Inc.
Ascena Retail Group, Inc. (NASDAQ: ASNA) is a leading national
specialty retailer of apparel for women and tween girls operating under
the dressbarn, maurices and Justice brands. The
Company operates 2,487 stores.
dressbarn stores offer casual, career and special occasion
fashion apparel and accessories at value prices for women ages 35-55,
operating 838 stores in 47 states. maurices stores offer casual
and career apparel and accessories at great values to the
fashion-conscious woman, ages 17-34 with a 20-something attitude, and
operate 758 stores in 44 states. Justice stores offer trend-right
apparel and accessories at value prices for tween girls ages 7-14 and
operate 891 stores in 46 states and Puerto Rico.
For more information, please visit www.ascenaretail.com,
Ascena Forward-Looking Statement Disclosure
Certain statements made within this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995.Such forward-looking
statements are subject to certain risks and uncertainties that could
cause actual results to differ materially.The Company does not
undertake to publicly update or review its forward-looking statements
even if experience or future changes make it clear that our projected
results expressed or implied will not be achieved.Detailed
information concerning a number of factors that could cause actual
results to differ materially from the information contained herein is
readily available on Dress Barn's most recent report on Form 10-K/A for
the year ended July 31, 2010 and Form 10-Q for the quarter ended October
SOURCE: The Dress Barn, Inc. & Ascena Retail Group, Inc.
Ascena Retail Group, Inc.