BPW shareholders approve Talbots buyout

Hingham, Mass. Shareholders of BPW Acquisition Corp., a special-purpose acquisition company, agreed on Wednesday to be bought out by women's clothing seller Talbots as part of a broader restructuring plan to help the retailer.

This deal is part of a plan to let Talbots buy out its majority shareholder, lower its debt by about $330 million and continue its turnaround. About 91% of BPW shareholders approved the deal, the company said in a statement.

Talbots still must secure financing for the deal. The company said it expects the deal to close by the end of March.

Once the acquisition closes, current BPW shareholders will own between 60.4% to 69.1% of Talbots, and current Talbots shareholders will own 30.9% to 39.6%.