Torrid's Shares Surge 17.6% as It Plans to Close 180 Stores and Accelerate Digital Growth

Introduction

Torrid Holdings Inc (NYSE: CURV) is an American specialty retailer offering plus-size apparel and accessories for women in sizes 10–30. Founded in April 2001 as a division of Hot Topic and spun off under private equity firm Sycamore Partners in 2015, Torrid operates over 650 stores across the United States and Canada alongside a direct-to-consumer e-commerce platform.

Corporate Structure and Workforce

Torrid is headquartered in City of Industry, California, and employs more than 5,000 associates. Following its initial public offering on July 1, 2021, Torrid’s common shares trade under the symbol CURV on the New York Stock Exchange. Sycamore Partners retains majority ownership, and Torrid uses non-GAAP measures—most notably Adjusted EBITDA—as a primary metric for planning, forecasting, and evaluating executive performance.

Key Metrics

Metric	Value
Ticker	CURV
Exchange	NYS
Share Price (Dec 16, 2025)	1.1360 USD
Daily Change	+17.63 %
Volume	312,731
Employee Count	> 5,000

Plus-size apparel by No Revisions

Developments and News

On June 6, 2025, Torrid announced plans to close approximately 180 stores—about 30 percent of its retail footprint—citing lease expirations and a shift towards digital channels, which accounted for over 60 percent of sales in Q1 2025. In April 2024, Torrid resumed its annual model search, and in 2025, five winners were selected as advocates for the brand's focus on body positivity.

A securities class action related to the July 2021 IPO was dismissed with prejudice on July 23, 2024; final judgment was entered on August 7, 2024.

Recent SEC filings include:

• Form 8-K filed December 3, 2025 (Items 2.02 and 9.01), reporting material events and financial results.
• Form 10-Q filed December 10, 2025, covering the quarter ended November 1, 2025.
• Schedule 13G filed November 14, 2025, indicating that Nomura Holdings Inc. and Nomura Global Financial Products, Inc. hold 6,233,022 shares (6.3 percent of outstanding stock).

Financial and Strategic Analysis

Torrid’s July 1, 2021 IPO included 12,650,000 shares at $21.00 each, generating $265.65 million in gross proceeds for selling shareholders. The company does not directly benefit from these proceeds but has utilized the public listing to enhance its e-commerce capabilities and liquidity. Adjusted EBITDA—defined as GAAP net income plus interest, taxes, depreciation, amortization, share-based compensation, and other non-cash charges—is a key internal metric, although it is not a GAAP measure and has limitations when compared across companies.

The increase in online sales surpassing 60 percent in Q1 2025 supports Torrid’s strategic focus on digital marketing, supply chain resilience, and inventory management. The store closures announced in June 2025 are aimed at aligning the brick-and-mortar network with current market dynamics and reallocating resources to higher-growth channels.

Market Position and Industry Context

As the largest direct-to-consumer plus-size women’s apparel brand in North America by net sales, Torrid operates in a market estimated to represent 20 percent of total women's apparel. The company distinguishes itself through fit-focused design, inclusive casting, and various fashion collaborations. The continued enhancement of omnichannel capabilities positions Torrid to adapt to evolving consumer preferences towards online shopping and size-inclusive offerings.

tl;dr

On June 6, 2025, Torrid announced plans to close around 30 percent of its stores due to lease expirations and a shift to online sales exceeding 60 percent in Q1 2025. A securities class action related to the 2021 IPO was dismissed with prejudice as of July 2024. Recent SEC filings in early December 2025 include a Form 8-K and a quarterly Form 10-Q, while a Schedule 13G reveals that Nomura holds a 6.3 percent stake. The company is emphasizing e-commerce growth, supply-chain optimization, and selective store consolidation moving into 2026.