v3.20.4

Subsequent Events | 3 Months Ended
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Oct. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Sale of Justice On November 23, 2020, following a comprehensive sale process and a competitive auction conducted under Section 363 of the U.S. Bankruptcy Code, the Company sold the intellectual property of its Justice brand and certain other Justice brand assets for total consideration of approximately $71 million and the assumption of certain liabilities. A wind down of all Justice locations was concluded in the second quarter of Fiscal 2021. Sale of Ann Taylor, LOFT and Lane Bryant On November 26, 2020, the Company, together with certain of its subsidiaries, entered into an asset purchase agreement (the “Sycamore APA”) with Premium Apparel LLC (the “Purchaser”), an affiliate of Sycamore Partners Management, L.P. Pursuant to the Sycamore APA, on December 23, 2020, the Company completed the sale of assets relating to their Ann Taylor, LOFT and Lane Bryant brands to the Purchaser (the “Sycamore Transaction”) for approximately $540.0 million, subject to certain customary purchase price adjustments as set forth in the Sycamore APA. In addition, the Purchaser assumed certain related liabilities. The Sycamore Transaction was conducted under the provisions of Section 363 of the Bankruptcy Code and was approved by the Bankruptcy Court. Under the Sycamore APA, substantially all associates of the Company whose duties are primarily related to the Ann Taylor, LOFT and Lane Bryant brands or the corporate functions of the Sellers began employment with the Purchaser on January 1, 2021. As a result, on December 23, 2020, the Company entered into a Transition Services Agreement with the Purchaser, pursuant to which, among other things, the Purchaser has agreed to provide the Company with specified information technology, human resources, financial services, accounting, corporate, legal, asset protection, logistics and other services, which had previously been provided by the Company’s employees in the ordinary course of business, through confirmation and effectiveness of the Company’s plan of reorganization and during the course of the Company’s wind down and on the terms and for the fees set forth therein. Confirmation of Plan of Reorganization As a result of the Chapter 11 Sales and Closures, the Company has no remaining revenue-producing operations and its sole operations consist of expenses associated with the completion of the Chapter 11 Cases and the winding down the Company’s operations after the end of the Chapter 11 Cases. On February 25, 2021, the Bankruptcy Court entered an order confirming the Plan of Reorganization. The effective date of the Plan of Reorganization will occur as soon as all conditions precedent to the Plan of Reorganization have been satisfied. On the effective date of the Plan of Reorganization, among other things, all existing common equity in the Company will be cancelled, released, and extinguished without any distribution and certain releases of direct and derivative claims and causes of action will become effective as set forth in the Plan of Reorganization.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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