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Sycamore Partners

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Staples CEO to Step Down

by Katie Lee

Framingham, Mass. — Staples, Inc., the owner and operator of the Staples North American Delivery business, has mutually agreed with J. Alexander (Sandy) M. Douglas, Jr. that Douglas will step down as chief executive officer. John A. Lederer, executive chairman of the board, will be appointed interim CEO. These changes will be effective on June 18, 2021. The company’s board of directors has commenced a search process to identify a permanent CEO. “On behalf of the board, I would like to thank Sandy for his commitment and dedication to the …

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ODP Confirms Receipt of Staples Proposal to Acquire Consumer Business for $1 Billion

by Katie Lee

Boca Raton, Fla. — The ODP Corporation, a leading provider of business services, products and digital workplace technology solutions through an integrated B2B distribution platform with an online presence and approximately 1,100 stores, has confirmed that its board of directors has received a proposal from USR Parent, Inc. (Staples), the parent company of Staples and a portfolio company of Sycamore Partners, to acquire the company’s consumer business for $1 billion in cash. Last month, the company announced a plan to separate into two independent, publicly-traded companies, each with a unique …

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Office Depot Parent Company Rejects Staples’ $2.1 Billion Acquisition Offer

by Katie Lee

Boca Raton, Fla. — ODP Corp., the parent company of Office Depot, has rejected USR Parent Inc.’s off-market transaction offer to acquire the Boca Raton, Fla.-based retailer. USR, the parent company of office products retailer Staples and affiliate of Sycamore Partners, offered to buy ODP for $40 per share in an all-cash deal that would equate to roughly $2.1 billion. In a letter to Stefan Kaluzny, managing director of Sycamore Partners and a member of the board of directors at USR, ODP’s chairman of the board of directors Joseph Vassalluzzo …

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Express, Inc. Receives $140 Million in Additional Financing to Bolster Liquidity

by Katie Lee

Columbus, Ohio — Fashion apparel retailer Express, Inc. has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million. The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021. This financing …

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Premium Apparel Agrees to Acquire Multiple Clothing Brands from Ascena Retail Group for $540 Million

by Katie Lee

New York City and Mahwah, N.J. — Premium Apparel LLC, an affiliate of New York City-based private equity firm Sycamore Partners, has entered into an agreement to purchase multiple clothing brands from Mahwah, N.J.-based Ascena Retail Group for $540 million. The apparel and footwear brands in question include Ann Taylor, LOFT, Lane Bryant and Lou & Grey. Under the terms of the deal, which is expected to close by mid-December, Premium Apparel will acquire the brands on a cash-free and debt-free basis. Premium Apparel did not specify how many of …

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Limited Stores Files For Chapter 11; Anticipates Sale to Sycamore Partners

by Katie Lee

Columbus, Ohio — Limited Stores, LLC, parent company of women’s fashion apparel retailer The Limited, has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The retailer began closing all 250 of its stores earlier this month.

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Tim Belk Retires as Belk’s CEO; Lisa Harper Named New CEO

by Katie Lee

Charlotte, N.C. — Tim Belk will retire as chief executive officer of Belk in July 2016. He will continue to serve on the Belk board of directors. Lisa Harper, who previously served as chief executive officer of Hot Topic, Inc., will succeed Tim Belk as CEO, effective July 5, 2016. She is first non-family member to serve as CEO.

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