Southwest Florida fashion icon Chico's sold for $1B (2024)

A fashion icon, born and bred in Southwest Florida has been sold. Chico’s was bought by Sycamore Partners for $1 billion.

The road for Chico’s wasn’t paved in gold. In fact, the company almost went under until a prolific businesswoman turned it all around.

Fort Myers-based women’s retailer Chico’s was founded on Sanibel in 1983.

Now, with a renewed success, it has entered into an agreement to be sold with New York-based Sycamore Partners.

Sycamore Partners is a private equity firm that includes retailers Lane Bryant, Loft Ann Taylor, Belk, Hot Topic and Talbots.

The sale is expected to be finalized by the end of the first quarter of 2024. Shareholders will get $7.60 per share in cash. That is up sixty-five percent from the closing stock price from Wednesday.

The sale was approved unanimously by Chico’s fashion board of directors. Chico’s has had three CEOs since April of 2019, but Molly Langenstein, the current CEO, has rolled out several programs to revamp the business.

“I learned very early on the power that clothes can have in putting confidence in women. After the sale, Chico’s will be a privately held company,” said Molly Langenstein, CEO of Chico’s.

The managing director of Sycamore Partners said they look forward to continuing to deliver excellent products and service to their devoted customers.