Sun Capital Partners Inc. said Friday that it has completed the acquisition of the 260-store Limited chain, and appointed the retailer's co-presidents to top-management positions.
The deal finalizes Limited Brands Inc.'s exit from the Limited and Express apparel businesses to focus on lingerie and body care.
Sun Capital didn't disclose a purchase price, but Limited Brands said last month that it would book a $42 million after-tax loss tied to the sale of 75% of the business. Sun Capital will sink $50 million directly into the business and arrange for a $75 million line of credit to support the 260 stores in 42 states.
Limited will keep its Columbus, Ohio, headquarters. Linda Heasley was named chief executive and chairman of the stores, while Avra Myers takes on the titles of president and general merchandise manager.
With the backing of Sun Capital, we are truly positioned to win and to redefine success at Limited stores," Heasley said in a press release. The stores rang up sales of $493 million last year.