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.
Chico's FAS, Inc.
Vice President – Investor Relations,
Public Relations and Corporate Communications
SOURCE Chico's FAS, Inc.