Ann Inc. (ANN) Explores Sale and Seeks Potential Suitors, Shares Surge

Shares of Ann Inc. (ANN) rallied on Friday, following reports of a potential sale of the clothing company, making it TheStreet's Move of the Day.
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Shares of Ann Inc. (ANN) rallied on Friday, following reports of a potential sale of the clothing company, making it TheStreet's Move of the Day. The retailer is working with JPMorgan Chase & Co. (JPM) to find a suitor, and has already reached out to potential buyers. The parent company of the Ann Taylor and Loft women's clothing stores, first said in October that it planned to review strategic options. The company has also considered selling a stake or preferred shares to a private equity firm. The retailer has been under shareholder pressure to explore a sale since last August. Investors Engine Capital and Red Alder both said Ann could fetch about $50 to $55 per share in a buyout. TheStreet's Kurumi Fukushima reports in New York.