Ascena Retail Group Inc., the parent company of Ann Taylor and Lane Bryant, won bankruptcy-court approval to sell its plus-size brand Catherines to FullBeauty Brands for nearly $41 million, WSJ Pro Bankruptcy reported. Bankruptcy Judge Kevin R. Huennekens of the U.S. Bankruptcy Court in Richmond, Va. said that he would approve the sale of Catherines’ intellectual-property assets and e-commerce business to FullBeauty Brands Operations LLC, which was named the winning bidder following a multiple-round bankruptcy auction. As part of the deal, New York-based FullBeauty Brands has also agreed to assume certain liabilities, including honoring gift cards. Last week, FullBeauty emerged the victor at a bankruptcy auction for Catherines’ assets after outbidding plus-size women’s apparel retailer City Chic Collective Ltd. When Ascena filed for chapter 11 bankruptcy in July, City Chic had been named the lead bidder, or stalking horse, with an original $16 million offer for the assets. The starting bid at the auction was FullBeauty Brands’ offer of about $17.1 million, court records show.
