Ascena Retail Group Inc fka ASNAQ

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Oh oh!... "Ascena Mulls Bankruptcy Filing to Manage Debt"

"(Bloomberg) -- Ascena Retail Group, the owner of the Ann Taylor and Lane Bryant apparel chains, is discussing a potential bankruptcy filing with lenders after its business was thrown into disarray by the Covid-19 pandemic, according to people with knowledge of the matter.

The Chapter 11 filing, which could come as soon as July, would allow the company to keep some of its brands operating while it seeks to sell others, the people said, asking not to be identified discussing a private matter. Ascena is considering selling three of its brands in a court-supervised sale process, including Catherines, while keeping Ann Taylor and Loft as part of the company when it emerges from bankruptcy, they said.

"Ascena’s lenders are starting confidential talks on a deal that would see their holdings exchanged for a majority stake in the reorganized company, said the people."

https://www.msn.com/en-us/finance/companies/ann-taylor-parent-ascena-mulls-bankruptcy-filing-to-manage-debt/ar-BB156pCC