Tilly’s Inc., the action sports retailer, filed initial public offering with the Securities & Exchange Commission to raise up to $100 million. Tilly’s, which operates 126 stores in 11 states in the United States, plans to list its common shares under the symbol “TLYS” on the New York Stock Exchange.
Under a reorganization transaction, World of Jeans & Tops, Inc. will become a wholly owned unit of holding company Tilly’s before the close of the offering. Irvine, California-based World of Jeans & Tops currently operates under the name “Tilly’s”.
Tilly’s offers sought-after brands rooted in action sports, music, art and fashion.
The company, whose principal shareholders include founders Hezy Shaked and Tilly Levine, said its earnings rose 15 percent to $24.4 million in its fiscal year ended Jan. 29 as net sales rose 18 percent to $332.6 million.
Tilly’s expects to net additions of 13 stores this year, 20 next year and store location growth at an annual rate of about 15 percent for the next several years afterward.
Goldman, Sachs & Co, BofA Merrill Lynch, Piper Jaffray, William Blair & Company and Stifel Nicolaus Weisel are the underwriters of the IPO.
