Torrid shares frigid as PE sponsor, CEO to cut stakes

Torrid Holdings

11/09/2024 16:29

** Shares of women's apparel seller Torrid Holdings  CURV.N 
tumble 25.6% to $4.97 on Weds after co launches secondary
offering
    ** California-based firm early Weds announced 8 mln shares
to be sold by certain stockholders
    ** Sellers include private equity firm Sycamore Partners
(~7.3 mln shares) and CEO Lisa Harper (~498k shares), per the
SEC filing
    ** Offering would reduce Sycamore's holdings to ~75 mln
shares, or 71.7% stake, and take Harper's stake to 4.94%
    ** BofA, Goldman, Jefferies and William Blair jt
bookrrunners
    ** Last week, CURV reported Q2 rev fell 1.6% y/y to $284.6
mln, slightly missing LSEG consensus, saying expects low
single-digit comp-store-sales growth in H2 driven by higher
full-price sales as "markdown levels normalize"
    ** With move on the session, CURV's shares down ~14% YTD.
Stock closed at $1.40 a year ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))