Lisa Harper, Chief Executive Officer and Chairman of the Board of Hot Topic, said, “We are pleased that this transaction will allow us to deliver positive results for our shareholders. In addition, we are very excited about the future growth for the company and know that Sycamore Partners will provide great resources and expertise to us as we operate as a private company.”
“We are excited to partner with the Hot Topic management team and all of its talented and passionate employees,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “We look forward to supporting the Company’s continued growth.”
The transaction, which is structured as a one-step merger with Hot Topic as the surviving corporation, is subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The transaction requires the affirmative vote of holders of a majority of the Company’s outstanding shares, which will be sought at a special meeting of shareholders.
In connection with the merger agreement, Lisa Harper and Becker Drapkin Management LP, holders of 8.9% of the Company’s stock, each signed customary support agreements indicating they would support the proposed transaction.
Guggenheim Securities is acting as financial advisor to Hot Topic in connection with the transaction. Cooley LLP is acting as Hot Topic’s legal advisor. BofA Merrill Lynch is acting as financial advisor to Sycamore Partners and Winston & Strawn LLP and the Law Offices of Gary M. Holihan, P.C. are acting as its legal counsel.
About Hot Topic
Hot Topic, Inc. is a mall and web based specialty retailer operating the Hot Topic and Torrid concepts, as well as a new test retail concept, Blackheart. Hot Topic offers music/pop culture-licensed and music/pop culture-influenced apparel, accessories, and music and gift items for young men and women. Torrid retails on-trend fashion apparel, lingerie and accessories inspired by and designed to fit the young, voluptuous woman who wears size 12 and up. Blackheart offers an expanded collection of dark, edgy, sexy lingerie, accessories and beauty products.
Hot Topic, Inc
Textiles | On 24th Jan 2017
President Donald Trump has set the ball rolling for withdrawal of the ...
Apparel/Garments | On 24th Jan 2017
Provider of reverse logistic excess inventory solutions for specialty ...
Textiles | On 23rd Jan 2017
The US textile industry is eager to work with President Donald Trump...
Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd
Increasing prices and lack of demand main issues facing industry
Narayan Tex Fab
I find it hard to find professionals in Surat
'Worsted wool is the ideal fabric for menswear'
Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Technical Absorbents Ltd
Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...
Hyderabad-based designer Prathyusha Garimella is known for blending...
Gildan Activewear SRL
Gildan Activewear, a manufacturer and marketer of branded clothing and...
"Now we can see the Russian trend in international fashion. And Russian...
Apparel/Garments | On 23rd Jan 2017