Customers were highly engaged with our brands through the COVID-19 pandemic and we intend to continue to provide the fashion and experience our loyal customers have come to know and love.Throughout the restructuring process, the Company’s brands, including Ann Taylor, LOFT, Lane Bryant, Justice and Lou & Grey, will continue to provide customers with compelling fashion assortments and an exceptional shopping experience.We believe these actions will allow us to stabilize our financial position in the wake of the COVID-19 pandemic and move forward as a strong, profitable business.We expect to move through this process on an expedited timeframe and stay focused on generating profitable growth and driving value for customers and stakeholders.We believe the Plan is in the landlord’s long term interest and we are hopeful and optimistic that our landlords will partner with us to keep as many stores open as possible. The final number of store closings will be determined based on the ability of ascena and our landlords to reach agreement on sustainable lease structures.We will continue to operate our Ann Taylor, LOFT, Lane Bryant, Justice and Lou & Grey brands through a reduced number of retail stores and online.Accordingly, City Chic will serve as the “stalking horse bidder” in a court-supervised auction process and the agreement is subject to higher and better offers, among other conditions. This sale process will be conducted pursuant to Section 363 of the Bankruptcy Code. In addition, we have entered into an asset purchase agreement with City Chic to sell the Catherines’ intellectual property assets and to transition its e-commerce business to a subsidiary of City Chic.As part of the balance sheet restructuring contemplated by the RSA, we will optimize our brand portfolio and strategically reduce our footprint with the closing of a significant number of Justice stores and a select number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey This includes the exit of all stores across brands in Canada, Puerto Rico and Mexico and the closure of all Catherines stores.Through this process, we will continue operating our Ann Taylor, LOFT, Lane Bryant, Justice and Lou & Grey brands in stores and online.To implement the RSA, we filed voluntary petitions for relief in the United States Bankruptcy Court under Chapter 11 of the United States Bankruptcy Code.As part of the RSA, the Company has received commitments for $150 million in a new money term loan from its existing lenders.The RSA is expected to significantly reduce debt by approximately $1 billion and provide increased financial flexibility to enable the Company to continue its focus on generating profitable growth and driving value for customers and stakeholders.ascena has entered into a Restructuring Support Agreement (“RSA”) with over 68% of its secured term lenders.