Talbots to sell J. Jill brand

HINGHAM, Mass. Talbots announced that it has signed a definitive agreement to sell substantially all of the J. Jill brand assets to Jill Acquisition, an affiliate of Golden Gate Capital, a San Francisco-based private equity investment firm, for approximately $75 million, subject to certain post-closing adjustments.

“This is a significant strategic step forward for Talbots as it enables us to focus our time, resources and attention exclusively on rejuvenating our core Talbots brand and return to profitable growth,” said Trudy Sullivan, Talbots president and CEO. “Paula Bennett and her team have made tremendous progress in improving the J. Jill brand merchandise and its creative presentation across all channels of business. We are confident that Golden Gate Capital will be an excellent partner to help J. Jill achieve its true long-term potential.”

As part of the transaction, J. Jill will continue to be led by Paula Bennett, J. Jill brand president.

The closing of the proposed transaction is anticipated to occur in the second quarter of fiscal 2009 and is subject to customary closing conditions, including the expiration of the antitrust waiting period. The purchase agreement contains customary representations, warranties, covenants and indemnification provisions.