-
Sycamore Partners raises offer for Talbots
Hingman, Mass. -- The Talbots Inc. said it has received a raised takeover offer of $214.6 million from private equity firm Sycamore Partners. The company also said it entered an exclusivity agreement with Sycamore, which will end on May 15.
Talbots said Sycamore had offered to pay $3.05 per share -- slightly higher than the $3.00 per share offer it made in December.
The board of retailer said it continues to evaluate strategic alternative. -
Barneys gets new owner in debt-for-equity swap
New York -- Barneys New York said that it has reached an agreement with its largest lender, Perry Capital and other lenders to significantly reduce the retailer’s debt and improve its capital structure. Under the arrangement, Perry Capital has become the majority owner of Barneys. Under a debt-for-equity swap with Perry Capital, as well as other lenders, Ron Burkle's Yucaipa Cos and current owner Istithmar World, the chain's long-term debt will fall to $50 million from $590 million. The deal makes Perry Capital the majority owner of Barneys.