Bloomberg News

Ascena Retail Group (ASNA - Get Report) jumped on Monday after it reached an agreement to sell a majority stake in Maurices, its women's clothing chain subsidiary.

The sale, to an affiliate of private-equity firm OpCapita LLP, was valued at about $300 million. It came as part of Ascena's review of its brands, operations and assets, the company said. Ascena also owns brands Ann Taylor and Dressbarn.

"Structural changes in our industry have impacted a number of retailers. We have not been immune to these challenges," said David Jaffe, Ascena chairman and CEO. "In 2016, we initiated our Change for Growth plan, which is on track to deliver run rate cost savings of $300 million to our company by July 2019. We have also identified, and developed plans for, an additional $150 million in savings, which will drive operating margin rate expansion."

Ascena said it would maintain a "significant minority interest" in Maurices.

Ascena shares rose 8.8% to $1.16 in trading Monday.

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