PRIVATE EQUITY OWNED
Torrid
Includes Torrid Holdings
plus-size fashion · City of Industry, CA
- PE Firm
- Sycamore Partners →
- Year Acquired
- 2013
Sycamore stripped Torrid out of Hot Topic, took it public, kept majority control. Now 30% of the stores are closing.
What They Did
- Sycamore Partners bought Hot Topic for $600 million in 2013, then spun Torrid into a separate company to profit from both brands independently
- Took Torrid public in 2021 while retaining majority ownership — cashing out while keeping control
- Hot Topic creditors accused Sycamore of shifting assets to Torrid at Hot Topic's expense, enriching the PE firm at creditors' cost
- In June 2025, Torrid announced it would close up to 180 stores — roughly 30% of its fleet — calling it a 'digital-first' pivot
Since the Acquisition
- Up to 180 stores closing eliminates one of the few physical retail options dedicated exclusively to plus-size fashion
- The 'digital-first' pivot means plus-size shoppers lose the ability to try on clothes in person — something straight-size shoppers take for granted
- For the plus-size community that made Torrid a cultural force, the store closures feel like another sign that their shopping needs come last
Sources
- Torrid Stores Closing: Plus-Size Retailer to Close Up to 180 Stores — Newsweek(2025-06-12)
- Torrid to close as many as 180 stores, 30% of its fleet — Retail Dive(2025-06-15)
- Hot Topic Creditors Fuming Over Sycamore's Torrid 'Scheme' — WWD(2019-10-15)
- Torrid Holdings Inc. Form 424B4 (IPO prospectus) — SEC(2021-06-30)
- Sycamore Completes Acquisition of Hot Topic(2013-06-12)