Chico's Completes White House Acquisition

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Chico's FAS Inc. said Friday that it completed its acquisition of The White House Inc., a privately held specialty retailer offering private label apparel for women.

The White House operates 107 stores in 30 states, the Virgin Islands, Puerto Rico and the District of Columbia.

The purchase price was $90 million, made up of $85.7 million in cash and 150,622 unregistered shares of the company's common stock. The stock was issued to White House CEO Richard Sarmiento and Patricia Darrow-Smith, executive vice president of merchandising for White House. All other sellers received cash consideration.

Sarmiento has been appointed senior vice president of The White House and will continue to lead the operations along with Darrow-Smith.


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