Reinvention in the 2000s
In 2000, Sitt sold the company, after which it was owned by multiple private equity firms - a group led by Trimaran Fund II bought the company in 2004. In 2010, Urban Brands, the parent company of Ashley Stewart, filed for Chapter 11 bankruptcy protection, and Ashley Stewart was later purchased by GB Merchant Partners.[6][7]
In March 2014, Ashley Stewart filed for Chapter 11 bankruptcy protection for the second time in four years as part of a potential sale of its assets. The company announced the closure of 27 underperforming locations.[8] Ashley Stewart was later acquired by affiliates of Clearlake Capital and the FirePine Group.[9]
James Rhee, CEO at the time stated that he sought to manage the company 'like a hedge fund', with the level of mathematical analysis and operational discipline of a blue chip investment firm, while at the same time developing a kind, open, and egalitarian corporate culture.[10][11][12][13][14][15]
The company moved into e-commerce including shipping to Canada, the Caribbean, and the UK, with this accounting for approximately 40% of revenue by 2016.[16]
They opened their first new store since the bankruptcy in Newark, New Jersey, in April 2017.[4][9][2][17][18]
In December 2025, Ashley Stewart filed for Chapter 11 bankruptcy for the third time in an effort to freeze a “multi-state fraudulent transfer” to G Ashley Inc., claiming that the sale of its assets to the company was fraudulent due to the transaction being "unlawful."[19]
