Scott A. Edmonds, President and Chief Executive Officer of Chico's FAS, Inc., commented, “We are very pleased to have the opportunity to invest in lucy activewear. We expect to continue to evaluate possible investment opportunities that fit our strategic and financial objectives. Given the size of the lucy investment together with the future potential for the company, we think opportunities of this nature are important strategic uses of our cash. Like Chico's, lucy shares an over-riding commitment to customer service and brand building. We are impressed with lucy's management team and with lucy as an emerging brand in a growing product category.”
BB&T Capital Markets acted as financial advisor to Chico's in this transaction.
The company operates 698 women's specialty stores, including stores in 47 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico operating under the Chico's, White House, Black Market and Soma by Chico's names.
The company owns 466 Chico's front-line stores, 27 Chico's outlet stores, 178 White House | Black Market front-line stores, 5 White House | Black Market outlet stores and 10 Soma by Chico's stores; franchisees own and operate 12 Chico's stores.
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