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New York City -- The Talbots is in buyout talks with the private-equity firm Sycamore Partners, according to the Boston Herald. The retailer signed a confidentiality agreement on Friday with the New York-based Sycamore, its second largest shareholder with 10% of the company, according to documents filed with the U.S. Securities and Exchange Commission, the report said.
In December, Talbots said that that an unsolicited buyout bid from Sycamore had substantially undervalued the retailer. Talbots called the proposal inadequate, and said it would instead pursue “a full range of strategic alternatives,” which generally includes a possible sale of a company.
“As one of Talbots’ largest shareholders, we are concerned by the company’s rapidly deteriorating performance,” wrote Stefan L. Kaluzny, a Sycamore managing director, in a letter to Talbots in December. “Nonetheless, we believe that Talbots has significant potential and remains a premier, storied brand.”
Sycamore specializes in consumer and retail investments.