FORT MYERS, Fla., Aug. 3, 2018 /PRNewswire/ -- Chico's FAS,
Inc. (NYSE:CHS) (the "Company") today announced that it has
completed a $200 million senior
secured credit facility with Wells Fargo & Company (NYSE: WFC) and other
lenders to support ongoing business operations.
"After an in-depth evaluation, we chose Wells Fargo to lead our
new asset-based credit facility, which will offer us greater
borrowing flexibility," says Todd
Vogensen, EVP and Chief Financial Officer of the
Company. "The Wells Fargo team provided us with a creative
and cost-effective financing solution, which maximizes our
liquidity."
"Wells Fargo is excited to work with an industry leader such as
Chico's FAS, and strengthen our
existing relationship with this important client by leveraging our
expertise in the retail space to facilitate this refinancing," says
Keith Vercauteren, head of Retail
Finance, Wells Fargo Capital Finance. "We provide our retail
customers with the financial flexibility and industry knowledge to
support their long-term strategy and growth in the ever-changing
retail sector."
About Chico's FAS,
Inc.
The Company, through its brands – Chico's, White House Black Market and
Soma, is a leading omni-channel specialty retailer of women's
private branded, sophisticated, casual-to-dressy clothing,
intimates, and complementary accessories.
As of May 5, 2018, the Company operated 1,451 stores in the
US and Canada and sold merchandise
through 94 franchise locations in Mexico. The Company's merchandise is also
available at www.chicos.com, www.chicosofftherack.com, www.whbm.com
and www.soma.com as well as through third party channels. For more
detailed information on Chico's
FAS, Inc., please go to our corporate website at www.chicosfas.com.
The information on our corporate website is not, and shall not be
deemed to be, a part of this press release or incorporated into our
federal securities law filings.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a
diversified, community-based financial services company with
$1.9 trillion in assets. Wells
Fargo's vision is to satisfy our
customers' financial needs and help them succeed financially.
Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, investments,
mortgage, and consumer and commercial finance through 8,050
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 38 countries and territories to support
customers who conduct business in the global economy. With
approximately 265,000 team members, Wells Fargo serves one in three
households in the United States.
Wells Fargo & Company was
ranked No.26 on Fortune's 2018 rankings of America's largest
corporations. News, insights and perspectives from Wells Fargo are
also available at Wells Fargo Stories.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
Investors and readers are cautioned that
certain statements contained in this release are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements
that are predictive in nature, which depend upon or refer to future
events or conditions, which include words such as "will,"
"expects," "anticipates," "intends" or similar expressions. In
addition, any statements concerning future financial performance,
ongoing business strategies or prospects, and possible future
actions are also forward-looking statements. Forward-looking
statements are based on current expectations and projections about
future events and are subject to various risks, including, but not
limited to, general economic and business conditions, and
conditions in the specialty retail industry. These statements are
not guarantees of future performance, and the Company undertakes no
specific obligation or intention to update these statements after
the date of this release.
Executive Contacts:
Julie Lorigan
Chico's FAS, Inc.
Vice President – Investor Relations,
Public Relations and Corporate Communications
(239) 346-4199
Julie.Lorigan@chicos.com
Trisha Schultz
Wells Fargo & Company
Vice President, Corporate Communications
(314) 875-3863
Trisha.Schultz@wellsfargo.com
@TrishSchultzWF
View original content with
multimedia:http://www.prnewswire.com/news-releases/chicos-fas-inc-completes-200-million-credit-facility-with-wells-fargo-300691311.html
SOURCE Chico's FAS, Inc.