The deal comes as Limited closes its sale of 75% of its 624-store Express chain to Golden Gate Capital for $602 million. Limited is selling the chains to concentrate more on its intimate-wear and personal-care outfits, Victoria's Secret and Bath & Body Works.
Sun Capital management says it plans to grow the Limited chain. Limited Stores' same-store sales rose 5% in May year over year, after sliding 6% in April. Express was up 9% in April and increased 4% in May.
Sun Capital, based in Boca Raton, FL, is no stranger to retail acquisitions. It owns interests in discounters Mervyns and ShopKo, Marsh Supermarkets and restaurant chains Fazoli's, Garden Fresh and Real Mex.
Limited Stores will remain headquartered locally, which is the same home base of Limited Brands. Sun Capital's management also has no plans to change the chain's name.
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