Before the bell, shares had added 8.8% to $40.49.
In a 13D filing with the SEC, the private equity firm said it is in "early stage of discussions with the Issuer [Ann] and look forward to sharing their views. The Reporting Persons [Golden Gate] plan to leverage their significant retail expertise and public and private equity experience to assist in creating value for the Issuer's shareholders."
Separately, in a letter to Ann CEO Kay Krill and CFO Michael Nicholson, Golden Gate said it looks "forward to working collaboratively and constructively with you as a long-term public investor to help create value for the Company and its shareholders."
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TheStreet Ratings team rates ANN INC as a Buy with a ratings score of B. The team has this to say about their recommendation:
"We rate ANN INC (ANN) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels, growth in earnings per share, increase in net income and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."