FORT
MYERS, Fla., Jan. 5, 2024
/PRNewswire/ -- Chico's FAS, Inc. ("Company" or "Chico's FAS,"
NYSE: CHS) today announced the completion of its acquisition by
Sycamore Partners, a private equity firm specializing in retail,
consumer, and distribution-related investments, for $7.60 per share, in an all-cash transaction
valued at approximately $1
billion.
"Joining the Sycamore portfolio of leading retail brands marks
an important milestone for Chico's FAS and continues our journey as
a customer-led, product-obsessed, digital-first, and operationally
excellent company," said Chico's FAS Chief Executive Officer and
President Molly Langenstein.
"Sycamore and Chico's FAS both share a commitment to providing
solutions, building communities, and creating memorable experiences
to bring women confidence and joy. We look forward to working
together to reach even greater levels of success."
"Completing this transaction represents the beginning of an
exciting new chapter for the company's three iconic brands --
Chico's, White House Black Market and Soma," said
Stefan Kaluzny, Managing Director of Sycamore Partners. "We
look forward to supporting the company's more than 14,000 talented
associates as they continue to deliver best-in-class product
assortments to their loyal customer base and help these brands
reach their fullest potential."
With the completion of the transaction, Chico's FAS shares of
common stock have ceased trading and are no longer listed on the
New York Stock Exchange.
Solomon Partners, L.P. acted as financial advisor to Chico's
FAS, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as
legal advisor.
UBS Investment Bank acted as financial advisor to Sycamore
Partners and Kirkland & Ellis LLP acted as legal advisor.
ABOUT CHICO'S FAS, INC.
Chico's FAS is a Florida-based
fashion company founded in 1983 on Sanibel Island, FL. The Company
reinvented the fashion retail experience by creating fashion
communities anchored by service, which put the customer at the
center of everything we do. As one of the leading fashion retailers
in North America, Chico's FAS is a
company of three unique brands – Chico's®, White House Black
Market®, and Soma® – each operating in their own white space,
founded by women, led by women, providing solutions that millions
of women say give them confidence and joy.
Our Company has a passion for fashion, and each day, we provide
clothing, shoes and accessories, intimate apparel, and expert
styling in our brick-and-mortar boutiques, digital online
boutiques, and through StyleConnect®, the Company's customized,
branded, digital styling tool that enables customers to
conveniently shop wherever, whenever, and however they prefer.
As of October 28, 2023, the
Company operated 1,256 stores in the U.S. and sold merchandise
through 58 international franchise locations in Mexico and through two domestic franchise
locations in airports. The Company's merchandise is also available
at www.chicos.com, www.chicosofftherack.com, www.whbm.com, and
www.soma.com.
To learn more about Chico's FAS, please visit our corporate
website at www.chicosfas.com. The information on our corporate
website is not, and shall not be deemed to be, a part of this press
release or incorporated into our federal securities law
filings.
ABOUT SYCAMORE PARTNERS
Sycamore Partners is a private equity firm based in New York. The firm specializes in retail,
consumer, and distribution-related investments and partners with
management teams to seek to improve the operating profitability and
strategic value of their business. With approximately $10 billion in aggregate committed capital raised
since its inception in 2011, Sycamore Partners' investors include
leading endowments, financial institutions, family offices, pension
plans, and sovereign wealth funds. For more information on Sycamore
Partners, visit www.sycamorepartners.com.
Chico's FAS Contact:
Julie MacMedan
Chico's FAS, Inc.
(239) 346-4384
julie.macmedan@chicos.com
Sycamore Partners Contact:
Michael Freitag or Lyle Weston
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
media@sycamorepartners.com
Chico's FAS, Inc. • 11215 Metro Parkway
• Fort Myers, Florida 33966 •
(239) 277-6200
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sycamore-partners-completes-acquisition-of-chicos-fas-inc-302027189.html
SOURCE Chico's FAS, Inc.