Vince Holding soars after new venture P180 acquires co

Vince Holding

23/01/2025 16:13

** Shares of apparel retailer Vince Holding Corp  VNCE.N 
jump ~117% to $5.11, set for record single-day pct gain
    ** VNCE said on Wednesday new venture P180 has acquired
majority stake in co from Sun Capital Partners
    ** P180 now owns ~65% of VNCE's outstanding common stock,
while Sun Capital affiliates own ~2%, co said
    ** VNCE said it reduced its debt by about $27 mln, leaving
$7.5 mln in subordinated loans
    ** Added P180 co-founder Brendan Hoffman is expected to
become co's new CEO, replacing David Stefko, who is serving as
interim CEO
    ** Brendan Hoffman previously served as VNCE's CEO from 2015
to 2020
    ** VNCE shares gained ~19% in 2024

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))