Dress Barn Inc. said shareholders at its annual meeting Dec. 8 would vote on a proposal to reorganize the firm as a holding company incorporated in Delaware and rename it Ascena Retail Group Inc.
Dress Barn, Maurices and Tween Brands, which operates the Justice chain, would become subsidiaries of the new company. Dress Barn shares would be converted to stock in the new company on a one-for-one basis.
“Our vision is to be a family of retail brands each serving a unique customer niche,” said David Jaffe, president and chief executive officer. “We expect the holding company structure to enable us to leverage our infrastructure while allowing each brand to focus intently on delivering a great experience to its customer.”