Why Savers Value Village Stock Was Wilting This Week
Its majority stockholder is selling a large bundle of shares.
Overview
The stock of thrift store chain operator Savers Value Village (NYSE: SVV) has landed in the discount bin.
The retailer announced a secondary stock issue at a relatively bargain price, which dampened investor sentiment on the company. Its stock was down by more than 11% week to date as of Thursday evening, according to data compiled by S&P Global Market Intelligence.
Details
Savers initially announced the sale after market close on Monday. It wrote that affiliates of the company's majority stockholder, alternative investment company Ares Management, were unloading 15 million shares of its common stock for $10.25 apiece in a public offering.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.