Chico's Plans to Sell Boston Proper
Chico's, in the midst of cost-cutting plans, reported better-than-expected revenue and adjusted earnings for its latest quarter Wednesday, though bottom-line profit took a sharp fall. The women's retailer also said it would sell its Boston Proper direct-to-consumer business and close its existing 20 stores. Earlier this year, Chico's said it was shoring up its finances by lowering capital spending, accelerating store closings and cutting jobs. The move was made after private-equity firm Sycamore Partners dropped its bid to buy Chico's because it couldn't line up financing.