CHS Chicos FAS Inc

By Ezequiel Minaya 

Chico's FAS Inc. said Wednesday that Shelley Broader, a Wal-Mart Stores Inc. veteran, has been named chief executive of the company, effective at the start of December.

The appointment of the executive, who brings 25 years of experience at Wal-Mart and other retailers to her new post, follows rumblings earlier this year that Chico's was a takeover target.

Ms. Broader succeeds David F. Dyer, who will become vice chairman of the board of directors. She will shift to the women's clothing retailer from her current post as chief executive of Wal-Mart's Europe, Middle East and Africa region. Before that job, she headed Wal-Mart's Canada division. She joined the company in 2010.

Before Wal-Mart, Ms. Broader was chief operating officer of arts and crafts retailer Michael's Stores, where she landed after a 17-year tenure at Belgium-based Delhaize Group.

In addition to its namesake stores, which tend to cater to older women, Chico's has other brands, including White House Black Market, lingerie label Soma, and online and catalog retailer Boston Proper. Across its brands, the company has more than 1,500 stores throughout the U.S. and Canada.

Earlier this year, Sycamore Partners abandoned its pursuit of Chico's after failing to line up financing for the deal on acceptable terms, a person familiar with the matter told The Wall Street Journal.

Soon after, the company unveiled plans to cut capital spending, accelerate store closures and cut jobs.

Women's clothing has been a segment of retailing that has been among the most troubled in recent years. A number of women's clothing chains have either scaled back or closed in recent years, including Coldwater Creek, Deb Shops and Wet Seal. Others, including Talbots and J. Jill, have been acquired by private-equity firms.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

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(END) Dow Jones Newswires

October 28, 2015 09:41 ET (13:41 GMT)

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