X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

DULUTH, MN-Suffern, NY-based Dress Barn Inc. has agreed to buy Maurices Inc. based here for about $320 million. The move will allow Dress Barn to add clothing for younger woman and stores in small towns.

Privately-held Maurices, founded in 1931 as a women’s fashion store, has 464 stores in strip centers in small towns in 38 states. Maurices had annual sales of $342 million for its fiscal year ended Feb. 28.

Dress Barn says it plans to open 20 new Maurices stores during the remainder of Dress Barn’s fiscal year and about 30 to 40 locations each year over the next several years. Known as a small town specialty store, Maurices says it offers a broad assortment of fashionable, high quality apparel and accessories to women and men, typically 17 to 34, who seek “stylish clothing for both casual and dressy occasions.”

Maurices also says it aims to differentiate itself from its competitors by offering average prices that are below those of larger market specialty store competitors. “This is a significant milestone for Dress Barn as this acquisition will diversify our business and provide an important new vehicle to accelerate our growth,” says Elliot Jaffe, Dress Barn’s chairman.

Maurices will operate as a separate division of Dress Barn. As part of this transaction, key executives are remaining with Maurices, including Lisa Rhodes, its executive vice president and chief merchandising officer; and George Goldfarb, its senior vice president and chief financial officer. They will report to David Jaffe, president and chief executive officer of Dress Barn.

The transaction was approved by Dress Barn’s board of directors and is expected to close in January. Not including Maurices, Dress Barn has 792 stores in 45 states.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.