Private equity outfit Sycamore Partners said Thursday it has completed its previously announced acquisition of Hot Topic, valued at about $600 million and returning the Hot Topic namesake stores and the Torrid banner to the private sector.
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.
Private equity firm Sycamore Partners, which has wrapped up its $391 million acquisition of The Talbots, appointed Michael Archbold, formerly president and COO of Vitamin Shoppe, as CEO and CFO of Talbots.
The Talbots Inc. said private-equity firm Sycamore Partners extended the date of the commencement of its offer to buy the women's apparel retailer by two days.
After announcing that talks between private equity firm Sycamore Partners and Talbots had ended, then issuing an update that negotiations had resumed but without exclusivity, the pair said Thursday that a deal has been struck.
Talbots Inc. has rejected a buyout offer from private-equity firm Sycamore Partners its biggest shareholder, saying the bid “substantially” undervalues the company.
Sycamore Partners, a private equity firm based in New York, and Limited Brands announced that Sycamore has acquired a controlling 51% interest in Mast Global Fashions, the third-party apparel sourcing division of Limited Brands.