(Filed Under Financial and General Interest News). Soma parent Chico’s FAS has entered into a $1 billion agreement to be acquired by Sycamore Partners, a private equity firm with a wide variety of apparel brands and retailers in its stable.
Chico’s FAS shareholders will receive $7.60 per share in cash. The per share purchase price represents a 65% premium to the company’s closing stock price on September 27, 2023.
Chico’s CEO Molly Langenstein declared, “Through this investment, we are gaining additional expertise, financial resources and strategic flexibility to fuel the growth of our company and three powerful brands: Chico’s, White House Black Market and Soma. Sycamore Partners has an outstanding record in the retail industry in partnering with management teams to help businesses reach even greater levels of success. They share our commitment to providing solutions, building communities and creating memorable experiences to bring women confidence and joy. We look forward to working with the Sycamore Partners team to unlock Chico’s FAS’s full potential.”
Sycamore’s subsidiaries include Rona, Talbots, Azamara, Staples, Lane Bryant, Ascena Retail Group, Essendant and Nine West Holdings. In early 2020, it was Sycamore Partners that had agreed to acquire a majority stake in Victoria’s Secret. The deal was called off later that spring as concerns grew over the impact of the pandemic.
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