FORT MYERS — Women's retailer Chico's FAS says it completed the sale of the Boston Proper catalog business to private equity firm Brentwood Associates. Terms of the deal were not disclosed.
In August, Chico's announced plans to sell Boston Proper and close the chain's 20 stores, taking $83 million in impairment and restructuring charges. Chico's acquired Boston Proper in 2011 for $213 million.
Boston Proper sold clothes and accessories by catalog and online before Chico's acquired the privately held firm. Chico's opened the first Boston Proper store at Coconut Point mall in 2013.
In a statement, the company says focusing on its other brands such as Chico's, White House | Black Market and Soma would generate better financial returns. “The company expects the sale to result in improved operating margins, among other benefits, going forward,” says a statement from Chico's without attribution.
Fort Myers-based Chico's operates 1,546 stores in the U.S. and Canada and through franchised locations in Mexico. The company's shares are publicly traded (symbol: CHS; recent price: $10).