Ascena Retail Group Inc., the parent company of Ann Taylor and Lane Bryant, got a $35 million offer to buy tween chain Justice out of bankruptcy and turn it into a primarily online brand, the Wall Street Journal reported. The company has reached a deal for Premier Brands Justice LLC, an acquisition vehicle of apparel maker and distributor IHL Group, to serve as the stalking-horse bidder for the sale of the intellectual property, e-commerce business and other assets of the Justice brand. New York-based IHL, a division of USA Apparel Group Inc., has a portfolio of licensed brands including Aéropostale, BCBG, Rachel Roy and Daisy Fuentes. The Justice deal includes the assumption of certain liabilities and the potential to assume contracts and unexpired leases. The agreement is subject to better bids and final approval by the bankruptcy court.
