Chain Store Age
The board of Chico’s FAS has unanimously rejected an unsolicited buyout proposal from Sycamore Partners.
The struggling women’s apparel retailer received an offer from Sycamore Partners on May 10 to acquire the retailer for $3.50 per share in cash, about $407.8 million. On Thursday, May 16, Chico’s said that, following a review, it had determined that Sycamore’s proposal substantially undervalues the company and is not in the best interests of its shareholders.. . . more