>>
Home / Knowledge / News / Apparel/Garments / Chico's Fas board rejects Sycamore Partners' proposal

Chico's Fas board rejects Sycamore Partners' proposal

20
May '19
Pic: Choco Fas
Pic: Choco Fas's
The board of directors of Chico's Fas has unanimously rejected the unsolicited proposal received from Sycamore Partners to acquire the company for $3.50 per share in cash. After reviewing the proposal, the board determined that Sycamore's proposal substantially undervalues Chico's Fas and is not in the best interests of Chico's Fas shareholders.

This follows the board's review and rejection of another recent proposal dated April 14, 2019 from Sycamore to acquire the company for $4.30 per share, which the board also determined substantially undervalued the company and was not in the best interests of shareholders

"Chico's Fas benefits from a strong operating and financial foundation, including a portfolio of differentiated brands, loyal customers and robust omni-channel capabilities. Sycamore's interest underscores the upside opportunities that these competitive advantages create, but the prices Sycamore has proposed are inadequate and fail to recognise the full value of the company and its future prospects," David Walker, chair of the board, said.

"We are encouraged by the direction Bonnie Brooks is taking with respect to our company's merchandising and marketing strategies since being appointed interim CEO.  In addition, our search for a permanent CEO is well underway, with great executive candidates who have a proven track record in the apparel industry being considered.  We are confident in our ability to fully capitalize on the market positioning of each of our brands to drive topline growth across our portfolio and deliver value to our shareholders well in excess of what Sycamore has proposed," continued Walker. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Anton_Ivanov / Shutterstock.com

Retail | On 27th Jan 2022

UK retail sales volumes fall at fastest rate in 11 months in Dec 2021

UK retail sales volumes fell by 3.7 per cent in December 2021, the...

Pic: Shutterstock

Textiles | On 26th Jan 2022

Vietnam-US trade hits $111.56 bn in 2021

Vietnam-US trade hit $111.56 billion in 2021, up by nearly $21...

Pic: Shutterstock

Textiles | On 26th Jan 2022

Turkey using less coal, hydropower; use of renewables, gas up: Ember

The use of coal and water for energy in Turkey reduced in 2021, while ...

Interviews View All

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Sustainable and eco-friendly fibres remain in the minority

G Tumbarello,

G Tumbarello

Lilly + Sid is an award-winning organic children's clothing company from...

Akram Tariq Khan,

Akram Tariq Khan

E-commerce brand YourLibaas meaning "garment or attire" in Udru, was...

Juan Pares Boj,

Juan Pares Boj

Textil Santanderina is a cutting-edge textile company located in...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Shaan Sethi, Jaanuu

Shaan Sethi
Jaanuu

Jaanuu, a vertically integrated e-commerce company, has reimagined the...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Dahlia Razzrook, Label - Dahlia Razzook

Dahlia Razzrook
Label - Dahlia Razzook

London based designer, <b>Dahlia Razook</b> known for her luxury...

Gauri Verma, Label - The Jodi Life

Gauri Verma
Label - The Jodi Life

THE JODI LIFE is an Indian fashion label that creates ready-to-wear for...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

Phong Phu international JSC (PPJ)
Chori Company Limited
Rayonese Textile Inc., Division de Culp Inc.
LC Waikiki
Bluestem Global Sourcing Limited
Tory Burch Hong Kong Ltd
Lululemon Athletica Inc
C;&A Sourcing International Ltd
Permoda(Koaj/Armi/Pronto/Bkul)
Seasalt Limited
BIANCA
Cat Tuong Real Estate Group Joint Stock Company
Midas Clothing Limited
Sportswear Company Spa
Asos
Chico’ FAS
Reiter India Private Limited
Desigual - ABASIC, S.A.
Vardhman Textile Ltd
Amazon China
Splash
Aquarelle Clothing Limited
Gokaldas Exports Limited
H;&M Hennes ;& Mauritz (Far East) Ltd
Rosset ;& Cia Limited
Helly Hansen Far East Ltd
KAS Direct Sourcing
SHAHI Exports Pvt Ltd
Aramark Uniform ;& Career Apparel, LLC
MAS Active / MAS Kreeda / MAS Bodyline
Sateri (Jiujiang) Fiber Co.,Ltd
Huntsman (Singapore) Pte Ltd
Gloria Jeans
Varner AS Retail
Page Industries Limited (Bangalore)
Esprit Europe Services GmbH
Alison Hayes Romania
Decathlon
Under Armour Global Sourcing Ltd
Guess Europe Sagl,
The Top Form Brassiere Manufacturing Company Limited
Arvind Limited
Tchibo GmbH
OVS Hong Kong Sourcing Ltd.
Recron Polyester from Reliance Industries Limited
Hela Clothing Pvt Ltd
International Textile Manufacturers Federation
Sainsbury's Argos Asia Limited
Alix Partners
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Etam Group Strategy Hong Kong Limited
Eastman Chemical Company
Maceton Limited
Walmart
Abit
Truetzschler India Private Limited
PVH Corporation
BIMBA ;& LOLA SL
Benetton Group
Puma
IKEA of Sweden AB
Boardriders Asia Sourcing Limited
Restoque S.A.
NITI Aayog
Vianney Textil Hogar S.A. De C.V.
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
John Varvatos
J ;& P Coats
Gap International Sourcing Limited
Groz-Beckert East Asia LLP
Lenzing Aktiengesellschaft
KIABI
Landmark Group
Target Corporation (MN)
Grasim Industries Limited
T.T. Limited
Green Fibre
THE BOMBAY DYEING ;& MFG.CO. LTD
G-Star Raw C.V.
SYNERGIES HONG KONG LIMITED
Calvin Klein
Hirdaramani International Export Private Limited
IDH – The Sustainable Trade Initiative
Lacoste (Wanchai)
Lisa S.P.A.
Brandix Lanka Limited
Gatsby Africa
Tommy Hilfiger
Sportmaster Ltd.
Lifestyle

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search