Sycamore Partners is finalizing a plan to buy assets of bankrupt Ascena Retail Group Inc., including the Ann Taylor and Loft brands, Bloomberg News reported. The private equity firm is offering to buy the brands from Ascena before the company asks for court permission to confirm its bankruptcy plan. The offer would need court and creditor approval. Ascena’s bankruptcy plan left room for a potential bidder to emerge through a sale process while also allowing lenders to take control of the business if a buyer didn’t materialize. A hearing to confirm the company’s chapter 11 reorganization plan was delayed to tomorrow when U.S. Bankruptcy Judge Kevin R. Huennekens will be asked to approve and finalize the plan in court. Ascena recently got court permission to sell its Justice brand to an entity formed by licensing firm Bluestar Alliance LLC for about $90 million. Bluestar had the highest and best offer over lower bids from an entity called Premier Brands Justice and an affiliate of WHP Global, Bloomberg reported.
