BUZZ-Vince Holding soars after new venture P180 acquires co

Reuters

01-24

BUZZ-Vince Holding soars after new venture P180 acquires co

** 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;))

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