USA: Chico's Completes $90 Deal For The White House
The Florida-based company said in a short statement the deal for the operator of 107 stores comprised $85.6m in cash and $4.4m in stock.
It added White House CEO will continue to head up the operations while Patricia Darrow-Smith, executive vice president of merchandising for The White House has been appointed senior vice president - The White House.
Chico's president and CEO, Scott Edmonds, said: "We are very pleased that we have completed this transaction so quickly and smoothly. We could not have asked for a better strategic fit.
"Beyond the highly compelling opportunity for growing the White House/Black Market chain, we believe that there are excellent opportunities for achieving operating synergies.
"As we turn our focus to integration, the strong cultural parallels between Chico's and The White House, including an over-riding commitment to customer service and a merchant-driven mentality, will help us proceed purposefully and with a consistent vision for the future."
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