Ascena Retail Group (Ann Taylor)

Representation of the creditors’ committee in the 2020 chapter 11 cases of Ascena Retail Group in the Eastern District of Virginia. At the time of filing, Ascena (which owned the Ann Taylor, LOFT, Lane Bryant, Justice, Catherine’s, Lou & Grey, and Dress Barn brands) operated 2,800 retail locations across the country and had in excess of $2 billion of liabilities. On behalf of the committee, the firm negotiated a recovery that improved starting plan recoveries from a starting position of $500,000 to potentially up to $10,000,000 (a 20x increase) with a waiver of preference claims and significant payment to critical and foreign vendors and payment of all 503(b)(9) and stub-rent claims.