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March 20 Private equity firm Golden Gate Capital
disclosed a 9.5 percent stake in women's apparel retailer Ann
Inc and said it believed the company's stock was
Shares of Ann, which owns the Ann Taylor and Loft chains,
rose 11.5 percent in extended trading.
"We believe that Ann is a great business, with a thoughtful
strategy, led by an extremely competent management team who has
a long track record of success," Golden Gate said in a letter to
Ann's chief executive and chief financial officer.
Golden Gate said in a regulatory filing that it owned about
4.4 million shares of Ann as of Thursday, making it the
company's largest shareholder.
Ann, whose rivals include Express Inc, reported
last week a better-than-expected profit for the fourth quarter
ended Feb. 1 as shoppers snapped up the trendy merchandise at
The company's quarterly profits have beaten analysts'
estimates for the past two years, making it one of the few
retailers that have weathered enduring weakness in U.S. consumer
Ann's shares closed at $37.23 on the New York Stock Exchange
on Thursday. The stock has risen about 20 percent in the year to
(Reporting by Maria Ajit Thomas in Bangalore; Editing by Kirti