ANNTAYLOR LOGO

                        ANNTAYLOR STORES CORPORATION
                       ADOPTS STOCKHOLDER RIGHTS PLAN

      New York, New York, May 19, 2000 - AnnTaylor Stores Corporation
(NYSE: ANN) announced today that its Board of Directors adopted a
Stockholder Rights Plan, pursuant to which rights will be distributed as a
dividend at the rate of one Right for each share of Common Stock of the
Company held by stockholders of record as of the close of business on May
30, 2000.

      The Rights Plan is designed to deter coercive takeover tactics
including the accumulation of shares in the open market or through private
transactions and to prevent an acquirer from gaining control of the Company
without offering a fair and adequate price to all of the Company's
stockholders. The Rights will expire on May 18, 2010. The Rights Plan was
not adopted in response to any pending effort to acquire control of the
Company.

      Each Right initially will entitle stockholders to buy one unit of a
share of a new series of preferred stock for $125. The Rights generally
will be exercisable only if a person or group acquires beneficial ownership
of 15% or more of the Voting Power of the Company as represented by the
Company's Common Stock or commences a tender or exchange offer upon
consummation of which such person or group would beneficially own 15% or
more of the Voting Power of the Company as represented by the Company's
Common Stock.

      A copy of the Stockholder Rights Plan will be filed shortly with the
Securities and Exchange Commission.

      Ann Taylor is one of the country's leading women's specialty
retailers, operating 421 stores in 42 states, the District of Columbia and
Puerto Rico.

Contact:    Investor Relations:     Media Relations:
            Barry Erdos             Jill Golden
            EVP - Chief Financial   Officer Vice President - Corporate
            (212) 541-3318          Communications
                                    (212) 541-3269