Dress Barn Completes Merger with Tween Brands
2009年11月26日 - 12:23AM
ビジネスワイヤ(英語)
The Dress Barn, Inc. (NASDAQ - DBRN) today announced that
it has completed its merger with Tween Brands, Inc. Tween Brands
stockholders will receive 0.47 shares of Dress Barn common stock
for each share of Tween Brands.
Tween Brands, Inc., which operates the Justice retail store
brand, will operate as a separate subsidiary of The Dress Barn,
Inc. and, as of the merger, will be free of bank debt. The combined
company operates 2,492 locations and, on a trailing twelve month
basis, generated $2.5 billion of pro forma net sales.
Through its well known brand, Justice, Tween Brands provides the
hottest fashion merchandise and accessories for tween (age 7-14)
girls and is the largest premier tween specialty retailer in the
world. Its management team, led by Michael Rayden, Chief Executive
Officer of Tween Brands, will continue to lead Justice’s future
growth and operations. Mr. Rayden will join the Board of Directors
of Dress Barn, Inc. and report directly to David Jaffe, President
and Chief Executive Officer of Dress Barn, Inc. The corporate
headquarters of Dress Barn will remain in Suffern, New York and
Tween Brands will remain headquartered in New Albany, Ohio.
With the completion of the merger, Tween Brands shares were
delisted from the NYSE and trading ceased at the close of business
on Wednesday, November 25th.
“I am delighted to announce the completion of this exciting
merger with Tween Brands,” said David Jaffe. “We have worked
diligently to complete this transaction and we look forward to
working together with the Tween Brands team to fully realize the
significant potential of this business. I believe that our combined
company will be formidable and have significant competitive
advantages.”
Michael Rayden commented, “Our Justice customers embrace the
value proposition of our brand because Justice has everything our
girl needs at a competitive price, with the fun shopping experience
and industry-leading fashion assortment she wants. Our success has
allowed us to continue to increase our share of the $12 billion
Tween Girl apparel market.
“This momentum, combined with the completion of the merger and
partnership with dressbarn and maurices, has us
energized as we look forward to the future. Our efforts can now be
solely focused on our customers and we plan to utilize this
exciting and powerful new platform to further our growth. And we
are excited that our former Tween Brands stockholders can continue
along with us on this journey, investing in our future through
their Dress Barn shares,” said Rayden.
Banc of America Merrill Lynch Securities acted as financial
advisor and Proskauer Rose LLP as legal advisors for Dress Barn,
Inc. Peter J. Solomon Company acted as financial advisor and
O'Melveny & Myers LLP as legal advisors for Tween Brands,
Inc.
About Dress Barn,
Inc.
The 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. As of November 25, 2009, the Company
operates 846 dressbarn stores in 47 states and 741
maurices stores in 44 states. For more information, please
visit www.dressbarn.com and www.maurices.com.
About Tween Brands,
Inc.
Headquartered in New Albany, Ohio, Tween Brands, Inc. is the
largest premier tween specialty retailer in the world. Through its
powerhouse brand Justice, Tween Brands provides the hottest fashion
merchandise and accessories for tween (age 7-14) girls. Tween
Brands operates 905 Justice stores located throughout the United
States and internationally. Additionally, Tween Brands offers its
fashions to tween girls and their parents through its e-commerce
site, www.shopjustice.com.
For more information visit www.tweenbrands.com and
www.shopjustice.com.
Dress Barn 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 our most recent report on
Form 10-K for the year ended July 25, 2009 and Form 10-Q for the
quarter ended October 24, 2009.
Dress Barn (NASDAQ:DBRN)
過去 株価チャート
から 6 2024 まで 7 2024
Dress Barn (NASDAQ:DBRN)
過去 株価チャート
から 7 2023 まで 7 2024