Sold! Sycamore Partners completes its acquisition of Chico’s FAS 

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A Chico's store. Photo via WINK News.
Credit: WINK News

Sycamore Partners announced Friday it completed its purchase of Fort Myers-based retailer Chico’s FAS for approximately $1 billion.

“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.”

The private equity firm also owns retailers Lane Bryant, Loft Ann Taylor, Belk, Hot Topic and Talbots.

Shareholders will get $7.60 per share.

The deal also represents a turnaround for Chico’s. The company almost went under until a prolific businesswoman turned it all around.

Chico’s has had three CEOs since April of 2019, but Molly Langenstein rolled out several programs to revamp the business. WINK News is working to find out whether she will continue to have a role with the company.

Chico’s was founded on Sanibel in 1983.

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