Talbots completes sale of J. Jill

Hingham, Mass. The Talbots on Thursday announced that it has completed its previously announced sale of its J. Jill business to Jill Acquisition LLC, an affiliate of Golden Gate Capital, a San Francisco-based private equity investment firm.

As part of the terms of the agreement, dated June 7, identified assets associated with the J. Jill brand were acquired by Jill Acquisition LLC, including 205 J. Jill brand stores, the Tilton, N.Hh distribution facility, intellectual property, accounts receivable and inventory related to the transferred stores, along with certain related liabilities.

The sale of the J. Jill business is part of Talbots' strategy to focus its time, resources and attention exclusively on rejuvenating its core Talbots brand and return to profitable growth.

At closing, Jill Acquisition LLC paid the $75 million stated cash purchase price less an $8.1 million adjustment based on estimated closing date working capital as outlined in the purchase agreement