Exhibit 99.1

                                         Ann Taylor
                                         NEWS RELEASE
                                         142 West 57th Street New York NY 10019





     ANN TAYLOR ANNOUNCES INTENT TO REDEEM CONVERTIBLE SUBORDINATED NOTES
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      New York, New York, May 20, 2004 - AnnTaylor Stores Corporation, Inc.
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(NYSE: ANN) announced today that it provided The Bank of New York, as Trustee

under the indenture, with notification that it intends to redeem all of its

$199,072,000 principal amount at maturity of its convertible subordinated

debentures effective June 18, 2004.



      Under the terms of the notes, at any time on or after June 18, 2004,

AnnTaylor Stores Corporation may redeem the notes on at least 30 days' notice

to the holders. The redemption price on June 18, 2004 is $635.42 per thousand

of the principal amount. The redemption price is comprised of the issue price

of $552.56, plus accrued original issue discount of $82.86. Accrued interest

will be paid together with the redemption proceeds.



      As a result of this redemption notification, the Company expects that

holders will convert their notes into approximately 5.4 million shares of

AnnTaylor Stores Corporation common stock (after the 3-for-2 stock split to be

distributed on or about May 26th), on or before June 18, 2004. This expectation

is based on AnnTaylor Stores Corporation's common stock continuing to trade at

a price greater than the conversion price.



      Ann Taylor Chairman J. Patrick Spainhour said "The anticipated conversion

of the convertible notes into shareholders' equity is in line with the Company's

strategy of strengthening its financial structure. This anticipated conversion

will reduce the Company's annual interest expense by approximately $4.5 million,

but will have no impact on fully diluted earnings per share."



      Ann Taylor is one of the country's leading women's specialty retailers,

operating 667 stores in 44 states, the District of Columbia and Puerto Rico,

and also an Online Store at www.anntaylor.com as of May 1, 2004.
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FORWARD-LOOKING STATEMENTS
      Certain statements in this press release are Forward-looking statements
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The forward-looking statements may use the words "expect",
"anticipate", "plan", "intend", "project", "believe" and similar expressions.
These forward-looking statements reflect the Company's current expectations
concerning future events and actual results may differ materially from current
expectations or historical results. Any such forward-looking statements are
subject to various risks and uncertainties, including failure by the Company to
predict accurately client fashion preferences; decline in the demand for
merchandise offered by the Company; competitive influences; changes in levels of
store traffic or consumer spending habits; effectiveness of the Company's brand
awareness and marketing programs; general economic conditions or a downturn in
the retail industry; the inability of the Company to locate new store sites or
negotiate favorable lease terms for additional stores or for the expansion of
existing stores; lack of sufficient consumer interest in the Company's Online
Store(s); a significant change in the regulatory environment applicable to the
Company's business; risks associated with the possible inability of the Company,
particularly through its sourcing and logistics functions, to operate within
production and delivery constraints; the impact of quotas, and the elimination
thereof; an increase in the rate of import duties or export quotas with respect
to the Company's merchandise; financial or political instability in any of the
countries in which the Company's goods are manufactured; the potential impact of
health concerns relating to severe infectious diseases, particularly on
manufacturing operations of the Company's vendors in Asia and elsewhere; acts of
war or terrorism in the United States or worldwide; work stoppages, slowdowns or
strikes; the inability of the Company to hire, retain and train key personnel,
and other factors set forth in the Company's filings with the SEC. The Company
does not assume any obligation to update or revise any forward-looking
statements at any time for any reason.



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     Contact:
     Jim Smith
     Chief Financial Officer
     (212) 541-3547