Torrid tumbles as PE sponsor, CEO to trim stakes in secondary offering

Torrid Holdings

24/06/2025 21:46

** Shares of women's apparel seller Torrid Holdings CURV.N tumble 22% in extended trading to $3.98 after secondary offering launch

** California-based firm announces 10 mln shares to be offloaded by existing stockholders

** In addition, co to purchase $20 mln worth of shares from private equity firm Sycamore Partners

** Along with Sycamore Partners, which is selling 9.65 mln shares in the offering, CEO Lisa Harper parting ways with 350,000 shares, per the prospectus filing

** Following the transactions, Sycamore would own ~60.4 mln shares, for ~60% stake, and Harper's stake would be 4.8%

** BofA, Jefferies, and William Blair jt bookrrunners for the secondary offering

** CURV shares on Tues ended up 0.4% at $5.10. YTD, stock off 2.5%

** 2 of 7 analysts rate stock "strong buy", 3 rate "hold" and 2 rate "sell"; median PT is $5 - latest LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.commailto:lance.tupper@tr.com 1-646-279-6380))