Sycamore Partners purchases Hot Topic for $600 million

Dive Summary:

Private equity firm Sycamore Partners acquired Hot Topic Inc. in a $600 million deal and will take the teen apparel retailer private.
The firm will pay $14 per share for the retailer, and Hot Topic's share price increased 30% in Thursday morning trading to $13.95.
Hot Topic posted its largest full-year revenue of $761.07 million in 2009 due to demand for merchandise from the Twilight movie franchise, but sales have gradually declined since then to the $697.9 million reported by the company for 2012.

From the article:

(Reuters) - Private equity firm Sycamore partners will take teen apparel retailer Hot Topic Inc (HOTT.O) private in a $600 million deal, adding to a retail portfolio that includes Talbots Inc. Sycamore, founded by retail industry veteran Stefan Kaluzny in 2011, will pay $14 per share in cash, a 30 percent premium to Hot Topic's Wednesday close on the Nasdaq. ...