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The move is expected to resultt in the closure of about 75of J. Jill’w existing stores. Hingham, Mass.-based Talbots (NYSE: TLB) said the agreement with San Francisco-baserd Golden Gate Capital is subjectto post-closinf adjustments. “This is a significant strategic step forward for Talbota as it enables us to focuasour time, resources and attention exclusively on rejuvenating our core Talbot s brand and return to profitable growth,” said Trudg F. Sullivan, Talbots president and CEO, in a preparer written statement. “Paula Bennett and her team have made tremendous progress in improvintthe J.
Jill brand merchandised and its creative presentation across all channelsof business. We are confidenrt that Golden Gate Capital will be an excellentg partner tohelp J. Jill achievd its true long-term potential.” About 204 of the existinvg 279 J. Jill brand store leases will be assignes to the buyer and will continueto operate. About 75 remaininv J. Jill brand store leases will be retaines by Talbots and are expected to be closex by Talbots within the next60 days.
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