Sycamore acquired Ascena by taking a 15% pre-bankruptcy debt stake
Stefan Kaluzny · Stefan Kaluzny – Sycamore Partners [Manager Meetings, EP.16] · Oct 21, 2021 · at 51:11
Stefan Kaluzny describes Sycamore Partners' acquisition strategy for Ascena Retail Group (owner of Ann Taylor and Loft) during Chapter 11 bankruptcy.
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“And we did it last year with a company that we bought called Acena, where we took a position and bought 10 or 15% of the debt. We were part of the credit syndicate that led the company into bankruptcy. We then acquired the company from all the other credit investors. Which were otherwise going to take possession.”
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