Deb Shops Sale a Done Deal

Philadelphia, Deb Shops Inc. is now a privately held company, according to Philadelphia Business Journal.

An affiliate of Lee Equity Partners LLC paid $395 million for Deb Shops, which owns 347 stores in 43 states trading under the names Deb and Tops N' Bottoms.

Allen Questrom, senior adviser at New York City-based Lee Equity, will serve as non-executive chairman. Marvin Rounick, previously president and CEO, and Warren Weiner, previously executive VP, will provide consulting services for up to three years.