FOR IMMEDIATE RELEASE                             EXHIBIT 1

                  ANNTAYLOR STORES CORPORATION CHAIRMAN RESIGNS
             Spainhour Elected Chairman and Chief Executive Officer

               NEW YORK, NY.  August 23, 1996 -- Sally Frame Kasaks
          has resigned as Chairman and Chief Executive Officer and a
          Director of AnnTaylor Stores Corporation (NYSE: ANN), the
          company announced today. The company also announced the
          election of J. Patrick Spainhour, currently Ann Taylor's
          President and Chief Operating Officer, as Chairman of the
          Board and Chief Executive Officer.

               "We are grateful to Sally Frame Kasaks for her
          extraordinary contributions to Ann Taylor over the last 4-
          1/2 years since rejoining the company as Chief Executive
          Officer," said Gerald S. Armstrong, an Ann Taylor director.
          "She reestablished the Ann Taylor brand while significantly
          expanding the company's product offerings and geographic
          reach."

               Since joining Ann Taylor in February 1996, Mr.
          Spainhour has been responsible for overseeing business
          operations including finance, information systems,
          logistics, human resources, store planning and real estate.
          He has also been responsible for worldwide sourcing for the
          company, which includes the planned integration of certain
          assets of Cygne Designs, Inc. and Ann Taylor's joint venture
          with Cygne, known as CAT, into a new sourcing division of
          the company.

               Mr. Spainhour commented, "Ann Taylor is a marvelous
          company with a strong and talented management team.  I look
          forward to working with this team and the dedicated
          associates in our stores to continue to provide a superb
          product and excellent service to our customers."  Mr.
          Spainhour also said, "I look forward to working closely with
          the Board over the coming weeks in accomplishing our first
          priority, which is to attract a proven merchant as President
          of Ann Taylor.  This search will start immediately."

               Ann Taylor is one of the country's leading women's
          specialty retailers, operating 306 stores in 40 states and
          the District of Columbia.

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          Contact:  Jocelyn Barandiaran
                    Investor Relations
                    (212) 541-3226