ANNTAYLOR STORES CORP
LETTER AGREEMENT
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">October&nbsp;8, 2008 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Gary Muto </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">20 Pheasant Lane
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Greenwich, CT 06830 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Gary, </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We are very pleased to offer you an opportunity to join Ann Taylor in the position of President, Ann Taylor LOFT. By joining our organization, you will be contributing
to our mission of creating fashionable, feminine, and emotionally compelling brands, which address the ever-evolving lifestyles of women through all of our divisions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Your anticipated start date is to be determined and you will be reporting to me. Specific terms and conditions of this offer are as follows: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Compensation </U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Your starting salary will be $900,000, to be paid semi-monthly. Please note that all payments will be subject to required withholding for federal, state and local
taxes. You will earn a bonus of $1,000,000, to be paid on or about April&nbsp;15, 2009. This bonus is to be repaid in full if you voluntarily leave within one year of its payment. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Fiscal Year 2008 bonus eligibility will be 70% of your base salary prorated from your date of hire. Under the 2008 Ann Taylor Incentive Plan, the bonus, is based on
seasonal results and paid on a seasonal basis for associates in your position. This potential bonus will be determined by corporate (30%)&nbsp;and ATL (70%)&nbsp;operating profit targets under the Ann Taylor Incentive Plan with payout to be
made&nbsp;at the sole discretion of the company. Your 2008 bonus is guaranteed to be paid minimally at 100% of your prorated target. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">We are granting you 65,000 stock options. These options vest over a four (4)&nbsp;year period at 25% increments per year on each anniversary date of grant<B>.
</B>You will receive a letter outlining the terms within 30 days from your hire date.<B> </B> </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">We are granting you 55,000&nbsp;shares of Restricted Common Stock.&nbsp;The restrictions on these shares lapse over a four (4)&nbsp;year period in 25% increments.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">You are eligible in the future to participate in stock options and restricted stock programs. Exact grant amounts will be determined during future grant cycles.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Fiscal Year 2008 eligibility in the restricted cash feature of the Ann Taylor Incentive Plan with a target of 85%&nbsp;of your base salary prorated from your date
of hire.&nbsp;Under this feature, the bonus is based on seasonal results.&nbsp;This potential bonus will be determined by corporate operating profit targets under the Ann Taylor Incentive Plan. If the bonus is earned, the payout will be deferred for
a 3 year period. During the 3 year period the final value of the deferral will be based on the average growth or decline of corporate net income. If you are not employed on the date of the payout at the end of the 3 year period you will forfeit the
entire bonus. </FONT></P></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Paid Time Off </U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Your annual Paid Time Off (PTO) entitlement is 25&nbsp;days. For 2008, you are eligible for&nbsp;7 days.</FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Benefits</U></B> </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">You will be eligible for medical, dental, vision, life and disability insurance under the Ann Taylor, Inc. Welfare Benefit Plan available on a contributory basis
after 30 days of service. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">You are eligible to participate in the Ann Taylor, Inc. 401K plan on the 1st of the month following 30 days of service. If you do not make an election to
participate, you will automatically be enrolled in the plan 60 days from your date of hire at a deferral rate of 3%. You will be eligible to receive a match under the plan after one year of service. You have the option at any time to opt out of the
plan or to change your contribution election. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">You are eligible to participate in our discounted stock purchase plan available on set enrollment dates during the year </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">An Associate discount of 40% is available on all full-price and non full-price merchandise </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Our discounted stock purchase plan is available on set enrollment dates during the year </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">You will be eligible to receive a free Annual Executive Health Exam </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">You will be eligible for Financial Planning Services from Charles Schwab which includes retirement planning and equity compensation consultation.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">You will be eligible to enroll in the Ann Taylor Deferred Compensation Program in early December 2008. You can elect to defer up to 50% of your 2009 base salary and
up to 100% of your 2009 ATIP bonus. In addition, you can elect to contribute up to 6% of your earnings above $230,000 which would receive a match under the plan after one year of service. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">All payments described in this letter will be subject to applicable payroll and income tax withholding and other applicable deductions. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Induction </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On your first day at 9:00 a.m., you are invited to
attend an Induction to Ann Taylor. This will be held at the following address: </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>7 Times Square Tower </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Broadway, between 41st and 42nd Street </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>(proceed to the Sky Lobby reception desk on 5) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>New York, NY 10036 </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The terms and conditions of your employment with Ann Taylor are governed by the laws of New York State and standard
company policies. This means that the offer of employment is contingent upon you satisfactorily meeting all pre-employment requirements including background check, proof of your eligibility to work in the United States and execution of the enclosed
Confidentiality, Non-Solicitation of Associates and Non-Competition Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Please understand that this letter is not a contract of continuing
employment. Your employment by Ann Taylor is &#147;Employment At Will&#148;, which means for no fixed term, and either you or Ann Taylor may terminate the employment relationship at any time and for any reason. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Please review the terms and conditions of employment outlined in this letter, sign and date the acknowledgment on the following page, and return all pages of this letter
in the self-addressed stamped envelope. We have provided an additional copy for your records. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Please also note that you will receive an e-mail from
<U>donot-reply@anntaylor.com</U> which contains a link for you to access the balance of your new hire documents electronically.&nbsp;Please complete your new hire documents prior to your start date.&nbsp;On your first day of employment, you will be
required to provide documentation that proves you are eligible to work in the United States in order to complete the Form I-9.&nbsp;A complete list of acceptable documents will be available to you once you complete section 1 of the Form I-9 as part
of your electronic new hire documents.</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Ann Taylor values the unique talents that each new hire brings to our organization. We look forward to welcoming you
to our team, and providing you with the opportunity to grow professionally in a supportive environment. If you have any questions regarding this offer, please contact me. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Sincerely, </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Kay Krill</FONT></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Kay Krill</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">President, CEO, Ann Taylor Stores
Corporation</FONT></P></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Acceptance of Offer </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">My signature below confirms acceptance of the offer of employment and my understanding of the terms and conditions associated with it. This signature also confirms that there are no oral promises associated with this offer that are not
reflected in this letter. I further acknowledge that I have received, read, and agree to all pre-employment conditions and policies. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Gary Muto</FONT></P></TD>
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<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">11/1/08</FONT></P></TD>
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</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Enclosed: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Benefits Reflections Guide</I> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Background Check Consent Form</I><B><I>**</I></B><I> and Summary of Rights</I> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Confidentiality, Non-Solicitation of Associates and Non-Competition Agreement </I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>**Return this signed form along with the signed Offer Letter</I></B> </FONT></P>
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