The Ascena Retail Group recently announced that Justice Brand Holdings, formed by brand management firm Bluestar Alliance, will acquire the intellectual property (IP) of Ascena’s Justice brand, certain other Justice brand assets and assume certain liabilities for approximately $90 million. Justice stores will continue serving customers through the holiday season.
“The conclusion of the sale process for our Justice brand is a significant step forward in our efforts to complete our restructuring process and maximize value for all our stakeholders,” Gary Muto, chief executive officer of Ascena, said in a press release.The Ascena Retail Group recently announced that Justice Brand Holdings, formed by brand management firm Bluestar Alliance, will acquire the intellectual property of Ascena's Justice brand, certain other Justice brand assets and assume certain liabilities for approximately $90 million. Justice stores will continue serving customers through the holiday season.#
A wind down of all Justice locations is expected to conclude by early 2021. In addition, consumers can continue to shop online at www.shopjustice.com through the holidays.
The transaction is subject to approval by the US bankruptcy court for the eastern district of Virginia and certain other customary closing conditions.
Fibre2Fashion News Desk (DS)
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