Hot Topic to Be Acquired by Sycamore

Hot Topic, the operator of more than 800 teen specialty-retail stores, agreed to be bought by private-equity firm Sycamore Partners for about $600 million. The agreement was unanimously approved by Hot Topic's board and will require shareholder and regulatory approval, the companies said today in a statement. The offer of $14 a share is 30 percent higher than Hot Topic's closing price yesterday.