Mahwah, N.J.-based Ascena Retail Group has sold its majority stake in women’s clothing brand Maurices (Duluth, Minn.), accepting an offer from affiliate private equity firm OpCapita LLP (London) to purchase the chain for about $300 million. Ascena will receive roughly $200 million in cash from the deal while keeping a minority interest in the company.
Transitioning its role with the retailer, Ascena will continue to support Maurices through its IT, supply chain, sourcing and some office functions, according to The Columbus Dispatch. Ascena said earlier this month that its apparel brands in the “value fashion” unit, including Maurices and Dress Barn, were at an “unacceptable level of profitability.”
Ascena is the parent company for other retail brands Ann Taylor, Lane Bryant and Justice.