The Talbots (TLB) Completes Sale of J. Jill Brand
The Talbots, Inc. (NYSE: TLB) has completed its previously announced sale of the J. Jill brand 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 Asset Purchase Agreement, dated June 7, 2009, identified assets associated with the J. Jill brand business were acquired by Jill Acquisition LLC, including 205 J. Jill brand stores, the Tilton, NH distribution facility, intellectual property, accounts receivable and inventory related to the transferred stores, along with certain related liabilities.
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.
The Talbots, Inc. is a specialty retailer and direct marketer of women's apparel, shoes and accessories.[SM]
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