Dress Barn, Inc (NASDAQ-DBRN), is a leading national
specialty apparel retailer offering quality career and
casual fashion apparel through its dressbarn and
maurices brands (announced in June 2009, adding
Tween Brands which includes Limited Too and Justice
1962 Roslyn Jaffe opened the first Dress Barn retail
At a time when women were
wholly underrepresented in the workplace, Roslyn
dared not only to work, but also to launch a new era
in women's fashion. Designer label wool pencil
skirts, sheer blouses, flares, furs, and leather
coats were all the rage. And Roslyn offered her
customers the very latest in women's designer
styles. A year later the second dressbarn
store was opened. Soon after the inception of the
business, her husband Elliot joined Roslyn. Together
they built the business as well as a reputation for
quality, style, value, and customer service. In 1983
dressbarn's stock was introduced on the
NASDAQ Exchange. Today,
dressbarn remains customer centric,
extremely sensitive to and focused on the needs and
desires of women in the 21st century. While society
and its priorities continually change, dressbarn
is poised to respond to these evolutionary trends.
With stores across the country,
dressbarn strives to maintain its distinctive
position in the marketplace by providing its own
private labels and contemporary fashions at great
value in an environment that is friendly and
April 25, 2009, the Company operated 842 dressbarn stores in 47
states and 707 maurices stores in 44 states.
June 2009, it was announced that Dress Barn
and Tween Brands would merge.
Ascena Retail Group,
Inc. was created as a public company
1, 2011. The Company is a leading
national specialty retailer of apparel for women and
tween girls, operating, through its wholly-owned
subsidiaries, the dressbarn, maurices and Justice
brands. The Company operates through its
subsidiaries approximately 2,500 stores throughout
the United States and Canada, with revenues of
approximately $2.9 billion.
June 25, 2009 press
"Under the terms of the
merger agreement, each share of
Tween Brands, Inc. common stock will be
exchanged for 0.47 shares of
Dress Barn, Inc. common stock. Based on Dress
Barn Inc.'s stock price of
$13.24 as of June 24, 2009, this consideration
would be equivalent to $6.22 per
Tween Brands, Inc. share, representing an
aggregate equity value of approximately $157
million. This represents a premium of 20%
Brands, Inc.'s closing stock price on
June 24, 2009. Upon closing of the
Tween Brands, Inc.'s stockholders are expected
to own approximately 16% of
Dress Barn, Inc.'s diluted outstanding shares.
In connection with the transaction,
Tween Brands, Inc.'s outstanding bank debt
will be repaid.
Dress Barn, Inc.
anticipates that the transaction will be neutral to
earnings in the first full year of combined
operations and accretive thereafter. On a trailing
twelve months basis, the combined company has
generated in excess of $2.4 billion
in net sales and currently operates 2,465 stores.
The transaction, unanimously approved by each of
Dress Barn, Inc.'s and
Tween Brands, Inc.'s Board of Directors, is
expected to close in the fourth quarter of calendar
year 2009 and is subject to
Tween Brands, Inc. stockholder approval and
other customary closing conditions."
About Maurices: What
started in 1931 as a small women's fashion shop in
Duluth, Minnesota, has grown to over 700 stores in
43 states across the country. maurices is the
leading small town specialty store and authority for
the savvy, fashion conscious customer with a
30 Dunnigan Drive
Suffern, NY 10901 845-369-4500
Learn more about
Justice at their website.
about Maurices and
about Justice here on Apparel
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