JAFFE FAMILY SELLING DRESS BARN SHARES
NEW YORK — The Jaffe family plans to sell two million shares of Dress Barn Inc. in a secondary offering, netting about $30 million at current market prices. The family founded the chain.
Shares of Dress Barn closed at 15 1/4, down 1/2, in over-the-counter trading Friday.
The women’s off-price apparel chain said that the shares are part of the 6,024,640 shares of common stock held by the Jaffe Family Foundation and The Jaffe Family Limited Partnership.
The shareholders are selling the shares for tax-planning purposes.
Elliot Jaffe is chairman and chief executive officer of the Suffern, N.Y.-based firm.