Hot Topic announced it has agreed to be acquired by New York-based private equity firm Sycamore Partners for $14.00 per share in cash, or a total of approximately $600 million.
On the heels of its report that the company gained just 0.2% in October same-store sales, Hot Topic Inc. also announced plans to test a new store that will specialize in dark, edgy lingerie.
The nation’s specialty apparel retailers reported mixed results in July. as Hot Topic and Limited Brands turned in strong performances, while Gap and Aeropostale stumbled.
Hot Topic announced Monday that CEO Betsy McLaughlin has resigned the company, effectively immediately, and will be replaced by current board member Lisa Harper.