Dress Barn completes purchase of Tween Brands
Wednesday, November 25, 2009 1:22 PM
THE COLUMBUS DISPATCH
Dress Barn today announced it has completed its purchase of Tween Brands, which had been announced in June. The deal was worth more than $300 million in stock and assumed debt.
Tween will operate as a subsidiary of Suffern, N.Y.,-based Dress Barn.
The deal calls for Tween Brands shareholders to receive nearly half a share of Dress Barn common stock per Tween share owned. Tween shares will no longer trade after today, Dress Barn said in a statement.
Tween Brands operates Justice stores, whose merchandise is marketed to girls ages seven to 14. Tween's CEO, Michael Rayden, will continue to lead the tween retailer, Dress Barn said, and will join Dress Barn's board. Tween Brands will keep its headquarters in New Albany.
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