Ann Taylor ribbon cutting planned for April 22

Real Estate Weekly, April 17, 2002

Ann Taylor, Inc. announced it will open the first brand name retail store in Downtown Manhattan since Sept. 11. The Honorable Michael R. Bloomberg, Mayor of the City of New York, will lead the ribbon cutting ceremony on April 22 to commemorate the new establishment and the revitalization of downtown New York. In addition, Ann Taylor, Inc. will donate 40% of net sales from its first week of business to the New York Police & Fire Widows' & Children's Benefit Fund.

"I am proud that Ann Taylor LOFT has decided to expand into lower Manhattan," said The Honorable Michael R. Bloomberg, Mayor of the City of New York. "Ann Taylor LOFT will set a precedent for other retail companies when considering business expansions, which is exactly what the downtown area needs. In addition, it fills a need as it is the only women's brand named clothing store in the vicinity."

Centered in the heart of the Wall Street district, the 6,300 SF Ann Taylor LOFT store will be located at 2 Broadway at Beaver Street. It is conveniently positioned just outside the N/R and 4/5 trains as well as the Staten Island Ferry and the Brooklyn Bridge. Unique to this LOFT location, the hours of operation will accommodate the Wall Street community by opening its doors Monday -- Friday at 8 a.m. and remaining open until 7 p.m.

"This particular Ann Taylor LOFT store was in the works before the tragedy, but our commitment to open a store in downtown Manhattan never waned," said J. Patrick Spainhour, chairman and CEO, Ann Taylor, Inc.

Ann Taylor Loft is the second brand expression of Ann Taylor. Loft's emphasis is on offering product that is updated classic, fashionable and offers great value. The primary merchandise focus is on Relaxed Business and Dressy Casual apparel, footwear and accessories.

Ann Taylor, Inc, will make a substantial contribution to The New York Police & Fire Widows' & Children's Benefit Fund, a non-profit organization that assists the families of fallen New York City firefighters and police officers. The fund provides funds to families at the time of a death to assist with immediate expenses. In addition, the benefit fund distributes an annual check to each of the surviving families. The fund was established in 1985 by Daniel J. "Rusty" Staub, who serves as chairman.

To date, the benefit fund has distributed over $52 million to police and fire widows and children. These funds help the families defray education, housing and medical expenses.

"The downtown area needs to be revitalized with new businesses so it can once again be known as the heart of New York City," said Carl Weisbrod, the president of the Alliance for Downtown New York.