ASI Holdco, LLC Enters into a Letter of Intent to Sell a Majority Stake in Ashley Stewart, Inc.
ASI Holdco, LLC, the parent company of Ashley Stewart, Inc. ("Ashley Stewart"), the leading fashion retailer of apparel, intimates, and accessories for women sizes 10 to 36, announced today that it has entered into a Letter of Intent ("LOI") with Kinbow LLC. ("Kinbow"), to sell Kinbow a majority stake in Ashley Stewart. The parties expect to consummate the transaction as of the end of March 2024.
According to the LOI, Kinbow plans to purchase a majority of the stock of Ashley Stewart and to continue to operate all of Ashley Stewart's brick-and-mortar stores and ecommerce business in their current form.
Commenting on their prospective acquisition of a majority stake in Ashley Stewart, Ram Ajjarapu, Executive Director of Kinbow, said, "We are excited about the opportunity to partner with this iconic retailer. As an accomplished apparel and accessories manufacturer with proven experience in developing quality affordable fashion, we expect to continue the heritage of the Ashley Stewart brand and look for opportunities to expand the on-trend fashion offerings that the company's loyal customers have come to expect."
The transaction remains subject to the negotiation and execution of definitive documentation and conditions to closing. There can be no assurances that the transaction will be consummated on the contemplated timeline or at all.
About Kinbow LLC
Kinbow LLC is an affiliate of RA Capital which is a group company owned by Ram Ajjarapu, who has diversified interests in Technology, Insurance, Financial Services, Renewable Energy and Retail Industries.
About Ashley Stewart
Since its founding in 1991, Ashley Stewart® has stood for uncompromising style, fashion and value, championing the confidence and empowerment of women. Today, Ashley Stewart is a leading omni-channel retailer offering the hottest looks for women sizes 10 to 36 with a significant e-commerce presence at www.AshleyStewart.com and 75 stores across the United States.
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