{"id":22901,"date":"2023-09-28T13:33:57","date_gmt":"2023-09-28T13:33:57","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/sycamore-to-take-apparel-retailer-chicos-fas-private-for-nearly-1-billion\/"},"modified":"2023-09-28T13:33:57","modified_gmt":"2023-09-28T13:33:57","slug":"sycamore-to-take-apparel-retailer-chicos-fas-private-for-nearly-1-billion","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=22901","title":{"rendered":"Sycamore to take apparel retailer Chico’s FAS private for nearly $1 billion"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

(Reuters) -Chico’s FAS will be taken private by Sycamore Partners for $938.1 million in an all-cash deal, the apparel retailer said on Thursday, sending its shares surging 63% in premarket trading.<\/p>\n

Shareholders of Chico’s will receive $7.60 per share, representing a 65% premium to the stock’s last close.<\/p>\n

Sycamore is known to bet on retail and consumer investments and has stake in department store operator Belk, discount retailer Dollar Express and mall and web-based specialty retailer Hot Topic.<\/p>\n

The private equity firm has been trying to acquire Florida-based Chico’s since 2015 after it failed to secure acceptable financing terms for its bid.<\/p>\n

In 2019, Sycamore had offered $407.8 million, which was eventually lowered to $350 million after Chico’s financial performance worsened, but the deal was rejected by its shareholders.<\/p>\n

The retailer has also been a target for activist investor Barington Capital Group, which had in 2021 pushed the company to explore strategic options for its brands amid a slump in its stock price.<\/p>\n

The 40-year-old women’s focused retailer, with about 1,200 stores in the U.S., reported slowing sales in the latest quarterly results in June, hurt by inflation and store closures.<\/p>\n

“Through this investment, we are gaining. ..flexibility to fuel the growth of our. ..three brands Chico’s, White House Black Market and Soma,” Chico’s CEO Molly Langenstein said.<\/p>\n

The company’s board has approved the deal, which is expected to close by the end of the first quarter of 2024.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. (Reuters) -Chico’s FAS will be taken private by Sycamore Partners for $938.1 million in an all-cash deal, the apparel retailer said on Thursday, sending its shares surging 63% in premarket trading. Shareholders of Chico’s will receive $7.60 per share, representing a 65% premium to the stock’s last close. Sycamore is known to bet<\/p>\n","protected":false},"author":1,"featured_media":11825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-22901","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nSycamore to take apparel retailer Chico's FAS private for nearly $1 billion | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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