How many women’s suits and dresses could you buy for $2.2 billion? For Ascena Retail Group, Inc. the answer is all of the suits and dresses sold in all of the Ann Taylor and LOFT stores.

The Wall Street Journal reports that Ann Inc., the owner of stores Ann Taylor and LOFT, has agreed to sell itself for $2.2 billion to rival Ascena Retail Group, which operates Lane Bryant and Dressbarn.

The new deal comes after Ann Inc. shareholders pushed the company to sell itself last summer.

Both companies – Ann Inc. and Ascena Retail Group – have reportedly struggled recently when it comes to the weak retail environment for their target group of women 20 to 40 years of age, the WSJ reports.

Ascena’s purchase of Ann Inc. is expected to close in the second half of the year.

The new woman’s fashion company is expected to have $7.3 billion in annual sales and operate more than 4,900 stores.

Lane Bryant Owner to Buy Ann Taylor [The Wall Street Journal]

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