Dress Barn to acquire operator of Justice stores
Retailer Dress Barn said today it will acquire Tween Brands, which operates Justice stores, in a stock-for-stock deal.
The transaction is expected to close in the fourth quarter and is subject to Tween Brands stockholder approval and other customary closing conditions.
Both companies operate numerous stores in the Triad.
“We believe that Justice is a highly attractive business that has come under significant pressure as a result of the tight credit market and the challenging consumer environment," David R. Jaffe, president and CEO of Dress Barn, stated in a news release. "The repayment of Tween Brands Inc.’s bank debt immediately alleviates the financial pressures on the Justice business so that it can reach its full potential."
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