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By
Reuters
Published
Oct 15, 2014
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Retailer Ann signs confidentiality agreement with Golden Gate

By
Reuters
Published
Oct 15, 2014

Women's apparel retailer Ann Inc said it had entered into a confidentiality agreement with private equity firm Golden Gate Capital, a month after some hedge funds pushed the company to sell itself.

Ann's shares were up about 7.4 percent at $39.50 in after market trading.


Kay Krill, President and CEO of Ann Inc. | Source: Ann Inc.



Ann said on Tuesday that it had engaged in "a collaborative, constructive dialogue" with Golden Gate.

Golden Gate, which had a 9.56 percent stake in the retailer as of Oct. 14, said "it would be beneficial to continue discussions on a more detailed basis."

The investment firm had said in March that it believed Ann's stock was significantly undervalued.

Ann said in August that it expected third-quarter same-store sales growth to be flat to slightly negative.

The company's second-quarter same store sales fell 2.3 percent from a year earlier, hurt by weaker traffic at its Loft chain.

Last month, hedge funds Red Alder LLC and Engine Capital urged Ann to consider selling itself to a private equity firm or another apparel company, stepping up pressure on the company to improve its performance.
 

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