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Chico’s, a Fort Myers-based clothing company, acquired for $1 billion

Chico’s is a retail women’s clothing chain. It was founded on Sanibel Island in 1983 under the name Chico’s Folk Art Specialties (FAS). KEN WOLTER / COURTESY PHOTO

Longtime Fort Myers-based business Chico’s announced that the corporate is being sold for $1 billion to Sycamore Partners, a personal equity firm.

Once the sale is complete, Chico’s FAS will grow to be a privately held company. Shareholders will receive $7.60 per share in money.

The sale is predicted to shut by the tip of the primary quarter of 2024.

“Through this investment, we’re gaining additional expertise, financial resources, and strategic flexibility to fuel the expansion of our company and three powerful brands: Chico’s, White House Black Market, and Soma,” said Molly Langenstein, Chico’s FAS CEO, and president.

“Sycamore Partners has an impressive record within the retail industry in partnering with management teams to assist businesses reach even greater levels of success,” Langenstein said. “They share our commitment to providing solutions, constructing communities, and creating memorable experiences to bring women confidence and joy.

“We sit up for working with the Sycamore Partners team to unlock Chico’s FAS’s full potential.

Stefan Kaluzny, managing director of Sycamore Partners, said, “We’re pleased to have reached this agreement with Chico’s FAS and its board of directors. We’ve long admired the Company’s three iconic brands, including Chico’s, White House Black Market, and Soma.

“We sit up for partnering with the Company’s greater than 14,000 talented associates to grow these brands by continuing to deliver excellent products and repair to their devoted customers.”

Sycamore Partners is a personal equity firm based in Latest York. The firm also owns other well-known brands of girls’s fashion, including Ann Taylor, LOFT, Lou & Grey, Lane Bryant, and Talbots.

Chico’s, founded in 1983 on Sanibel, operates from a campus in Fort Myers.

As of July of this yr, the corporate operated 1,258 stores within the U.S. ¦


Within the KNOW

CHICO’S FAS CORPORATE MILESTONES

· 1983: Chico’s Folk Art Specialties (FAS) is born: Marvin and Helene Gralnick sign their first lease at Periwinkle Place in Sanibel. Helene names the boutiques after her friend’s parrot, Chico.

· 1984: Marvin’s pocket was the primary money register. “We wouldn’t close the shop until we got a certain quantity in sales. Our accountant got here by one night and acquired something so we could go home.” – Karin Greenman, Chico’s (Folk Art Specialties) FAS first associate.

· 1987: The primary franchise store opens in Edina, Minnesota.

· 1989: Chico’s Folk Art Specialties earns a spot on Inc. Magazine’s list of the five hundred fastest-growing privately-held

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