Talbots to sell assets of J. Jill brand to Golden Gate Capital

Thu. June 11, 2009; Posted: 02:41 PM

Jun 11, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- TLB | Quote | Chart | News | PowerRating -- The Talbots, Inc. has signed a definitive agreement to sell all of the assets of The J. Jill Group, Inc., a multi-channel specialty retailer of women's apparel, accessories, and footwear, to Jill Acquisition, LLC for approximately $75 million. All the companies are based in the US.

Talbots is a retailer and marketer of women's apparel, shoes, and accessories, and Jill Acquisition is an affiliate of Golden Gate Capital, a US-based private equity firm.

The transaction includes the transfer of certain assets and liabilities to Jill Acquisition, including the Tilton, NH distribution facility, sublease of a portion of the Quincy office facility, and substantially all of the brand's intellectual property and inventories.

Out of the total 279 J. Jill brand store leases, 204 will be assigned to Jill Acquisition and will continue to operate. The 75 remaining J. Jill brand store leases will be retained by Talbots and are currently expected to be closed by Talbots within the next 60 days. The Board of Directors of Talbots has unanimously approved the transaction.

Dewey & LeBoeuf LLP and Day Pitney LLP are acting as legal advisors and Moelis & Company Holdings, LLC is acting as financial advisor to Talbots. Kirkland & Ellis LLP is acting as legal advisor to Golden Gate Capital. Berns Communications Group and Coltrin & Associates are acting as PR advisors to Talbots and Golden Gate Capital, respectively.

The transaction is expected to close in the second quarter of 2009.

Deal Value (US$ Million) 75
Deal Type                Private Equity
Sub-Category             None
Deal Status              Announced: 2009-06-08

Deal Participants

Target (Company) The J. Jill Group, Inc. - Assets
Vendor (Company) The Talbots, Inc.

Deal Rationale

The sale of the J. Jill brand would enable Talbots to focus exclusively on executing the turnaround of its core business, including Talbots Misses, Petites, Woman, Accessories and Shoes, and its newly launched upscale outlet concept.

For full details on Talbots Inc (TLB) click here. Talbots Inc (TLB) has Short Term PowerRatings of 6. Details on Talbots Inc (TLB) Short Term PowerRatings is available at This Link.

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