Report: Ann Taylor Is Looking to Sell
A look from Ann Taylor's spring 2015 presentation. Photo: JP Yim/Getty Images
Is Ann Taylor looking to sell off its business?
Maybe. On Thursday evening Bloomberg reported that the 61-year-0ld retailer is working with JP Morgan on a potential sale and is currently in talks with at least two buyout firms.
Following the news, Ann Inc's stock price jumped up 8 percent.
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According to Bloomberg, Ann Taylor has been under pressure to consider a sale for some months now. The company's sales took a hit in the third quarter, which wrapped up November 1, and saw a drop in sales from $657.5 million in 2013 to $646.8 million in 2014 — the result of what execs described as "weak traffic across the industry, a highly promotional retail environment and the impact of labor uncertainty at the ports, which resulted in shipment delays."
A rep for Ann Taylor declined to comment, citing company policy to not remark on market rumor or speculation.
Update: This article has been updated to include (no) comment from Ann Taylor's rep.
