The Dress Barn Inc. reorganized under the name Ascena Retail Group Inc., a move that provides it with strategic and financial flexibility and better represents its different retail operations.
The Delaware holding company reorganization became effective on Jan. 1, and the Dress Barn, Maurices and Tween Brands operations are now subsidiaries of Ascena. Tween Brands operates the Justice nameplate retail chain.
All former Dress Barn shareholders automatically became stockholders of the new Delaware holding company, and the tax-free share exchange was on a one-for-one basis. The reorganization was approved by Dress Barn shareholders on Dec. 17, 2010.
The firm now trades over-the-counter under the ticker symbol “ASNA.”