FORT MYERS, Fla., Jan. 19, 2016 /PRNewswire/ -- Chico's FAS,
Inc. (NYSE: CHS) today announced that it has completed the
previously announced sale of the Boston Proper direct-to-consumer
business. Terms of the sale agreement with Brentwood Associates
were not disclosed.
On November 24, 2015, Chico's FAS
announced that during the third quarter of 2015 it had signed a
non-binding letter of intent to sell the business, consistent with
its determination that focusing the Company's time, capital, and
efforts on its other brands would generate more significant
opportunities and improved financial returns. The Company
expects the sale to result in improved operating margins, among
other benefits, going forward.
Chico's FAS was advised by Peter J. Solomon Company as financial
advisor and by Greenberg Traurig LLP as legal counsel.
About Chico's FAS, Inc.
The Company, through its
brands – Chico's, White House | Black Market, and Soma, is a
leading omni-channel specialty retailer of women's private branded,
sophisticated, casual-to-dressy clothing, intimates, complementary
accessories, and other non-clothing items.
As of October 31, 2015, the
Company operated 1,546 stores in the US and Canada and sold merchandise through franchise
locations in Mexico. The Company's
merchandise is also available at www.chicos.com, www.whbm.com, and
www.soma.com. For more detailed information on Chico's FAS, Inc.,
please go to our corporate website at www.chicosfas.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Certain statements contained herein, including without
limitation, statements addressing the beliefs, plans, objectives,
estimates or expectations of the Company or future results or
events constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, as
amended. Such forward-looking statements involve known or
unknown risks, including, but not limited to, general economic and
business conditions, and conditions in the specialty retail
industry. There can be no assurance that the actual future
results, performance, or achievements expressed or implied by such
forward-looking statements will occur. Investors using
forward-looking statements are encouraged to review the Company's
latest annual report on Form 10-K, its filings on Form 10-Q,
management's discussion and analysis in the Company's latest annual
report to stockholders, the Company's filings on Form 8-K, and
other federal securities law filings for a description of other
important factors that may affect the Company's business, results
of operations and financial condition. The Company does not
undertake to publicly update or revise its forward-looking
statements even if experience or future changes make it clear that
projected results expressed or implied in such statements will not
be realized.
Contact:
Jennifer
Powers
Vice President – Investor Relations
Chico's FAS, Inc.
(239) 346-4199
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SOURCE Chico's FAS, Inc.