June 19, 2019 / 5:07 PM / a year ago

Sycamore Partners lowers Chico's offer to $3 per share

June 19 (Reuters) - Private equity firm Sycamore Partners said in a regulatory filing on Wednesday that it had lowered its offer for Chico's Fas Inc to $3 per share in cash because of the U.S. retailer's deteriorating financial performance.

Last month, Chico's rejected an offer from Sycamore for $3.50 per share. Since then, Chico's reported a drop in quarterly cash flow and lowered its earnings guidance for the year.

Chico's did not immediately respond to a request for comment. (Reporting by Greg Roumeliotis in New York; editing by Jonathan Oatis)

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