BUZZ-Vince Holding soars after new venture P180 acquires co
ReutersJan 23, 2025 4:13 PM
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
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