Talbots sells J. Jill for $75M

Hingham, Mass. Talbots said Monday it will sell its J. Jill brand to an affiliate of San Francisco-based private-equity firm Golden Gate Capital for about $75 million.

The sale includes a sublease of a portion of its Quincy, Mass. headquarters, a distribution center in Tilton, N.H., all inventory and 204 of the company's 279 stores. Talbots will close the remaining 75 stores within the next 60 days.

J. Jill president Paula Bennett will continue to manage the brand. The company's headquarters will stay in Quincy, Mass.

The company said the move would allow it to better focus on its core Talbots brand and "return to profitable growth."

The proposed transaction is anticipated to occur in the second quarter of fiscal 2009.