FOR IMMEDIATE RELEASE

      NEW YORK, NY, JANUARY 15, 2001 - AnnTaylor  Stores  Corporation  (NYSE:
ANN) announced that Patricia DeRosa President and Chief Operating  Officer has
resigned from the Company, effective today.

      Ann Taylor  Chairman and Chief  Executive  Officer J. Patrick  Spainhour
said,  "Patti has made very strong  contributions  to Ann Taylor over her four
years with us, and we appreciate all of her efforts.  We will miss Patti,  and
we wish her well in all of her future endeavors."

      Mr.  Spainhour  continued,  "We are  beginning  our  recruiting  efforts
immediately, and will consider both internal and external candidates."

      Ann Taylor is one of the country's leading women's specialty  retailers,
operating  481 stores in 42 states,  Puerto Rico and the District of Columbia,
as well as an Online Store at www.anntaylor.com.


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Contact:Investor Relations:             Media Relations:

        Barry Erdos                     Jill Golden
        EVP - Chief Financial Officer   Vice President- Corporate Communications
        (212) 541-3318                  (212) 541-3269

        Doreen Dempsey
        Director, Investor Relations
        (212) 541-3484