(RTTNews) - Wednesday, women's apparel specialty stores Dress Barn, Inc. (DBRN: News ) announced that it has completed its merger with specialty retailer Tween Brands, Inc (TWB: News ). DBRN has been gaining on higher volumes for more than a week and is currently up more than 4% on the Nasdaq.

Tween Brands stockholders will receive 0.47 shares of Dress Barn common stock for each share of Tween Brands. With the completion of the merger, Tween Brands shares were delisted from the NYSE and trading will cease at the close of business on Wedneday.

Tween Brands will operate as a separate subsidiary of Dress Barn and will be free of bank debt post-merger. The combined company operates 2,492 locations and on a trailing twelve month basis generated $2.5 billion of pro forma net sales.

Michael Rayden, chief executive officer of Tween Brands would continue heading Justice apparel brand. He will join the Board of Directors of Dress Barn and report directly to its CEO and President David Jaffe. Dress Barn's corporate headquarters will remain in Suffern, New York and Tween Brands' in New Albany, Ohio.
In the merger, Banc of America Merrill Lynch Securities acted as financial advisor and Proskauer Rose LLP as legal advisors for Dress Barn. Peter J. Solomon Company acted as financial advisor and O'Melveny & Myers LLP as legal advisors for Tween Brands.

DBRN is currently trading at $22.24, up $0.77 or 3.59%, on the Nasdaq, while TWB is trading at $10.49, up $0.41 or 4.07% on the NYSE.

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by RTT Staff Writer

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