Chico’s FAS has gone private.
The women's specialty apparel retailer announced the completion of its acquisition by private equity firm Sycamore Partners, for $7.60 per share. The all-cash transaction is valued at approximately $1 billion.
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.
"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."
As of Oct. 28, 2023, Chico’s operated 1,256 stores in the U.S. and sold merchandise through 58 international franchise locations in Mexico and through two domestic franchise locations in airports.
"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 Molly Langenstein, CEO and president, Chico’s FAS. "We look forward to working together to reach even greater levels of success."
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.