GGC Announces 9% Stake In Ascena Retail Group

Golden Gate Capital disclosed that it has a 9% stake in Ascena Retail Group , which owns Ann Taylor, Lane Bryant, Dressbarn and other brands. GGC believes the company's stock is significantly undervalued, according to the SEC filing. The firm also said it's in the early stages of discussions with Ascena's management team and the board of directors to grow the company. Ascena stock is up 13% for the year to date. The S&P is down 2.2% for the same period.