Sycamore Partners acquires US' Chico's FAS in $1 bn transaction

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, the companies said in a joint media release.

"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."

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.

Fibre2Fashion News Desk (KD)