We answer a question of Blumberg, Cohen and Teleman, showing that the Chas–Sullivan loop homology is the Hochschild cohomology of any object in the rational string topology category of a compact, simply connected, Lie group G. Moreover, we show that the answer follows from the classification of the localizing subcategories of the derived category of chains on the based loops of G, which we achieve using the stratification machinery of Benson, Iyengar and Krause. For integral coefficients we get similar results for G a simply-connected special unitary group.