Torrid launches secondary offering of 10M shares and $20M concurrent repurchase from Sycamore Partners

Torrid Holdings Inc.

Underwritten public offering of 10,000,000 shares by selling stockholders; Torrid receives no proceeds.
Torrid agrees to repurchase $20M of common stock from Sycamore Partners at the offering price; shares held as treasury.
Offering is not conditioned on repurchase; repurchase is conditioned on closing of offering.
BofA Securities, Jefferies, William Blair act as lead book-running managers; BTIG as book-runner; Telsey as co-manager.
Business strategy: plan to close ~60 stores by Q2 FY2025, target up to 120 more; sub-brands to reach 10% of FY2025 sales, targeting 30% by FY2026.

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