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☆ Sycamore to take apparel retailer Chico's FAS private for nearly $1 billion
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - Chico's FAS (CHS.N) will be taken private by Sycamore Partners for $938.1 million in an all-cash deal, the apparel retailer said on Thursday, sending its shares surging 63% in premarket trading. Sycamore is known to bet on retail and consumer investments and has stake in department store operator Belk, discount retailer Dollar Express and mall and web-based specialty retailer Hot Topic. The private equity firm has been trying to acquire Florida-based Chico's since 2015 after it failed to secure acceptable financing terms for its bid. In 2019, Sycamore had offered $407.8 million, which was eventually lowered to $350 million after Chico's financial performance worsened, but the deal was rejected by its shareholders. ..three brands Chico's, White House Black Market and Soma," Chico's CEO Molly Langenstein said.

Persons: Sycamore, Molly Langenstein, Savyata Mishra, Sriraj Kalluvila, Arun Koyyur Organizations: Chico's FAS, Sycamore Partners, Chico's, Belk, Dollar Express, Barington Capital Group, Black, Thomson Locations: Sycamore, Florida, U.S, Bengaluru

Aug 24 - Subway has agreed to sell itself to private equity firm Roark Capital in a deal valuing the sandwich chain at more than $9 billion, sources said, ending a long-drawn auction that saw several bids from buyout firms. The deal will make Roark Capital one of the largest restaurant operators in the world. It controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings. Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm. The restaurant chain had then hoped to fetch more than $10 billion, owing to its strong brand and international business.

Persons: Roark, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Deborah Sophia, Arun Koyyur Organizations: Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson Locations: U.S, North America, New York, Bengaluru

These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources familiar with the matter said. The arrangement helped bridge a gap in the valuation expectations between Roark Capital and the DeLuca and Buck families that own Subway, according to the sources. The deal will make Roark Capital one of the largest restaurant operators in the world. Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm. Roark and Subway have 12 months to close the deal, which has a 4% breakup fee, sources said.

Persons: Roark, DeLuca, Buck, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Abigail Summerville, Deborah Sophia, Arun Koyyur Organizations: Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson Locations: U.S, North America, New York, Bengaluru

☆ Subway sandwich chain sells itself to Dunkin' owner Roark Capital
▼ + stars: | 2023-08-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

In this photo illustration, a Subway meal is seen on a table at a Subway restaurant on January 12, 2023 in Austin, Texas. Roark Capital is buying Subway, ending the sandwich chain's more than five decades of family ownership and marking a new era for the struggling company. Subway dwarfs all of them by number of restaurants, and brings in more annual sales than all but Dunkin'. Through holding company Inspire Brands, Roark owns Dunkin', Baskin-Robbins, Sonic, Arby's, Buffalo Wild Wings and Jimmy John's. Roark plans to keep Subway as a separate entity within its portfolio, Subway CEO John Chidsey told the Journal.

Persons: Roark, Dunkin, Robbins, Jimmy John's, Anne's, Carvel, Neil Saunders, John Chidsey, Chidsey, Fred DeLuca, Peter Buck, Jared Fogle, DeLuca, Buck Organizations: Roark Capital, Subway, TDR, Sycamore Partners, Wall Street, Inspire Brands, Baskin, Buffalo Wild Wings, Focus Brands, Journal ., Business Locations: Austin , Texas, Cinnabon, Connecticut, U.S

Reuters reported on Tuesday on a so-called earn-out agreement that was key to Roark clinching a deal for Subway. Roark prevailed over a rival bidding group led by buyout firms TDR Capital and Sycamore Partners, whose final offer was for $8.75 billion including an earn-out, and $8.25 billion without, the sources said. Roark took the view that the restaurant market is too fragmented for the deal to raise competition concerns, the sources added. Roark and Subway, which announced the deal on Thursday, declined to comment on the terms. Roark currently controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings.

Persons: Roark, DeLuca, Buck, John's, Jimmy John’s, Jimmy John's, Neil Saunders, Peter Buck, Fred DeLuca, JPMorgan Chase, Sullivan, Cromwell, Weiss, Garrison, Roark Capital, Morgan Stanley, Anirban Sen, Abigail Summerville, Deborah Sophia, Greg Roumeliotis, Marguerita Choy Organizations: Roark, Reuters, Subway, TDR Capital, Sycamore Partners, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, JPMorgan, Cromwell LLP, Thomson Locations: Connecticut, U.S, Bridgeport , Connecticut, The Milford , Connecticut, Rifkind, Wharton, New York, Bengaluru

A Subway sandwich shop logo is pictured in the Manhattan borough of New York February 14, 2014. These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources said. The Wall Street Journal reported on Monday that Roark Capital was nearing a deal to buy Subway for about $9.6 billion. A spokesperson for Subway declined to comment, while representatives for Roark and TDR did not immediately respond to requests for comment. Roark controls Inspire Brands, owner of the Jimmy John's, Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Rusty Taco and SONIC Drive-In chains.

Persons: Carlo Allegri, Roark, DeLuca, Buck, John's, TDR, Sycamore, Goldman Sachs, Fred DeLuca, Peter Buck, Jimmy John's, Dunkin ’, Rusty Taco, Jimmy John’s, Abigail Summerville, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, TDR, Sycamore Partners, Goldman Sachs, Subway, Street, Roark Capital, Goldman, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, Thomson Locations: Manhattan, New York, TDR Capital, Bridgeport , Connecticut, The Milford , Connecticut, U.S, Champaign , Illinois

☆ Subway nears $9.6 bln sale to Arby's owner Roark - WSJ
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The Subway restaurant logo is seen on a napkin in this illustration photo August 30, 2017. REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsAug 21 (Reuters) - Roark Capital, which owns restaurants Arby's and Buffalo Wild Wings, is nearing a deal to buy sandwich chain Subway for about $9.6 billion, the Wall Street Journal reported on Monday. Another group led by Roark Capital was in the running, the sources had added. It has invested in Inspire Brands, which is the owner of Arby's, Baskin-Robbins, Buffalo Wild Wings and Dunkin' among others. Roark Capital did not immediately respond to a Reuters request for comment.

Persons: Thomas White, Roark Capital, Roark, Dunkin, Fred DeLuca, Peter Buck, Ananya Mariam Rajesh, Deborah Sophia, Shinjini Organizations: REUTERS, Buffalo Wild Wings, Wall Street, Reuters, TDR Capital, Sycamore Partners, Subway, Roark Capital, Inspire Brands, Baskin, Robbins, Thomson Locations: Sycamore, Bridgeport , Connecticut, North America, Bengaluru

☆ WeWork says it has ‘substantial doubt’ about its ability to stay in business
▼ + stars: | 2023-08-08 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

“Substantial doubt exists” about WeWork’s ability to continue to stay in business, due to the company’s losses, projected cash needs, and increased member turnover, according to the company’s second quarter earnings release. WeWork management outlined a plan to improve the company’s financial health, saying that its ability to stay in business is “contingent upon successful execution” over the next 12 months. In the second quarter, the company reported a net loss of $397 million, an improvement compared to its net loss of $635 million in the second quarter last year. The company’s stock plunged more than 20% in after-hours trading on Tuesday. Overall, WeWork’s stock is down 85% since the start of this year.

Persons: David Tolley, WeWork, Adam Neumann, Sandeep Mathrani Organizations: CNN, Sycamore Partners

[1/2] The Subway restaurant logo is seen on a napkin in this illustration photo August 30, 2017. Subway expects to fetch well over $9 billion in a deal, and it remains uncertain whether TDR and Sycamore can meet its price expectations, the sources said. Private equity firm Advent International, which had teamed up with Goldman Sachs Asset Management on a bid for Subway, has dropped out of the process, the sources said. Goldman Sachs (GS.N) may decide to team up with one of the other bidders, the sources added. Subway, Roark and TDR did not immediately respond to requests for comment.

Persons: Thomas White, Goldman Sachs, Roark, Jimmy John's, Jimmy John’s, TDR, Fred DeLuca, Peter Buck, Anirban Sen, Abigail Summerville, Nick Zieminski Organizations: REUTERS, TDR Capital, Sycamore Partners, Roark Capital, International, Goldman Sachs, Management, Subway, Bloomberg News, JPMorgan Chase &, Reuters, Thomson Locations: Sycamore, Champaign , Illinois, Milford , Connecticut, Bridgeport , Connecticut, The Milford , Connecticut, U.S, New York

☆ WeWork CEO Mathrani to step down after joining Sycamore Partners as director
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 16 (Reuters) - WeWork Inc (WE.N) on Tuesday said that Sandeep Mathrani would step down as the workspace provider's chief executive officer, effective May 26, while Sycamore Partners named him as a director to lead its real estate activity. Mathrani was named WeWork CEO in 2020 and tasked with the company's turnaround following a botched IPO attempt and amid rising investor concerns over corporate governance standards. The company, which said Mathrani's resignation was not a result of any disagreement, named board member David Tolley as interim CEO. WeWork said lead independent director Daniel Hurwitz would serve as chairman of the board and head a special committee that will search for a permanent CEO. WeWork shares have fallen about 76% so far this year, resulting in a market capitalization of $745.42 million, according to Refinitiv data.

☆ Bed Bath & Beyond's efforts to find buyer stalled - Bloomberg News
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Bed Bath & Beyond Inc's (BBBY.O) efforts to find a buyer ahead of a likely bankruptcy filing have stalled, Bloomberg News reported on Friday, citing people with knowledge of the matter. Bed Bath & Beyond did not immediately respond to a Reuters request for comment. The Union, New Jersey-based company earlier this month said it was considering a range of options, including declaring bankruptcy, after struggling with plunging sales and widening losses. Bed Bath & Beyond said on Thursday it received a loan default notice from JPMorgan Chase Bank N.A. The company will consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code, it said on Thursday.

☆ Bed Bath & Beyond looks for buyers, lenders before potential bankruptcy - CNBC
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) has been in talks with prospective buyers and lenders as the struggling retailer tries to keep its business afloat ahead of a likely bankruptcy filing, CNBC reported on Wednesday. The home goods retailer's advisors are also looking for a loan of at least $100 million ahead of a potential bankruptcy filing which could occur in the coming weeks, the report said. Bed Bath & Beyond said in an emailed statement to Reuters that it does not "comment on speculation or specific relationships". Authentic Brands, owner of fashion labels including Forever 21 and Aeropostale, has also been looking at Bed Bath & Beyond, the report said. Reporting by Deborah Sophia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter. Comparable sales declined 32% year over year in the most recent fiscal quarter, ended Nov. 26. Last week, CNBC reported Bed Bath had begun another round of layoffs in an attempt to further cut costs. One possible buyer circling Bed Bath is private equity firm Sycamore Partners, according to the people familiar with the discussions. Bed Bath has also drawn interest from companies that acquire the intellectual property, or brands, of companies, particularly those under distress, the people said.

The unraveling of Bed Bath & Beyond Inc. could unlock one of the company’s strongest businesses: the Buybuy Baby chain of stores selling strollers, cribs and other infant gear. Bed Bath, which is preparing for a bankruptcy filing, has been in discussions with private-equity firm Sycamore Partners and another suitor about a deal to sell the baby chain as part of its chapter 11 restructuring, according to people familiar with the matter. The New York Times earlier reported on the discussions.

☆ Bed Bath & Beyond in talks with Sycamore Partners for sale of assets - NYT
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Bed Bath & Beyond said it does not "comment on speculation of this nature" and reiterated a previous statement that it was exploring multiple paths. Sycamore Partners declined to comment. Shares of Bed Bath & Beyond were down about 4% at $5.02 in morning trading amid weakness in the broader market. The Union, New Jersey-based company had earlier considered selling its buybuy Baby stores after shareholder pressure, but held off on hopes it could fetch a higher price later, Reuters reported. The company's buybuy Baby chain, which sells products for infants and toddlers, helped Bed Bath & Beyond obtain a loan worth $375 million last year.

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☆ Factbox: The 10 biggest U.S. retail bankruptcies in 5 years
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

J.C. PenneyAssets: $7.99 billionLiabilities: $7.16 billionStores: 846After more than a century in business, the department store chain filed for bankruptcy protection in May 2020, weighed down by mounting debt. At the time, its bankruptcy was the biggest collapse of a U.S. retailer by assets since Kmart in 2002. It soon emerged from bankruptcy with much of its store base intact and $400 million in fresh financial aid. Tailored BrandsAssets: $2.48 billionLiabilities: $2.84 billionStores: Over 1,400The owner of tuxedo and business suit chain Men's Wearhouse filed for bankruptcy in August 2020. It emerged from bankruptcy just days short of a year since it filed for bankruptcy under a new name, Premier Brands.

☆ Fanatics hires its first chief people officer as Michael Rubin's sports business giant expands
▼ + stars: | 2022-10-27 | by ( Riley De León | ) www.cnbc.com time to read: +2 min

Ashford will report directly to both CEO Michael Rubin and CFO Glenn Schiffman. Each of the three Fanatics' businesses — commerce, collectibles, betting & gaming — have heads of HR that report to those respective business CEOs. Prior to joining Fanatics, Ashford was a strategic advisor to private-equity firm Sycamore Partners. He's currently the chairman of the board of pharmaceutical company Perrigo , and sits on the board of Syndio — a private, venture-backed HR tech company. Last week, Fanatics announced it hired Andrea Ellis to be the chief financial officer of its betting and gaming division, which is expected to launch in January.

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