Mall owner Simon seeks to block Ascena Retail Group bankruptcy settlement over lease concerns

Simon Property Group Inc. has filed papers in U.S. bankruptcy court trying to block Ascena Retail Group’s Chapter 11 reorganization out of a fear that it will allow Sycamore Partners, which bought several Ascena brands out of bankruptcy, to close more stores, weakening a master lease agreement the mall operator originally negotiated with Ascena. An affiliate of private equity firm Sycamore bought Ascena brands Ann Taylor, Lane Bryant, Loft and Lou & Grey in December for $540 million. The sale…