Women's apparel retailer Chico's to shut 120 stores by 2017

Women's apparel retailer Chico's FAS Inc said it would shut about 120 stores by 2017, two days after the Wall Street Journal reported that private equity firm Sycamore Partners had dropped its attempt to buy the struggling company. Chico's shares rose 7 percent at $18.60 in premarket trading on Thursday after the company also raised its quarterly dividend by 0.25 cents and announced a $250 million share buyback program in the current quarter. Chico's will close about 35 stores this year and open fewer stores than last year, the company said in a statement. Chico's will open about 40 stores in fiscal 2015, compared with 109 openings last year.



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