A report that Chico’s FAS Inc. on-again, off-again flirtation with private equity is back on had investors breathing heavy Monday.
Shares of the company shot up 9.2 percent to $16.51 midday after Bloomberg reported that the company was weighing a sale, having been approached by Stefan Kaluzny’s Sycamore Partners and other private equity players.
With the boost, the company has a market capitalization of $2.3 billion.
The retailer has been closing stores and strengthening its omnichannel profile and was believed to be in talks with Sycamore earlier this year, but financing for a deal was said to have ultimately thrown cold water on the transaction.
The math might be getting better for a Chico’s buyout. Prior to the rush-up on Monday, shares of the company were down 17 percent since late February.
Kaluzny’s Sycamore has been on a roll and last month inked a deal to buy regional department store Belk Inc.