Talbots to sell J. Jill brand for $75 million
HINGHAM, Mass. — Women's clothing retailer Talbots says it will sell the J. Jill brand to a private equity firm for $75 million, a fraction of the $517 million it paid to acquire the brand in 2006.
Hingham-based Talbots announced the sale Monday to Jill Acquisition, LLC, an affiliate of San Francisco-based Golden Gate Capital.
Talbots president and chief executive Trudy Sullivan called the move a strategic step that would allow the company to focus on rejuvenating its core brand and return to profitability.
The sale includes 204 of the 279 J. Jill stores. Talbots will close the remaining 75 stores within the next 60 days.
J. Jill has stores at The Shops at Friendly Center in Greensboro and Hanes Mall in Winston-Salem, according to its Web site. It has not been announced which stores will be affected by the sale.
J. Jill will remain headquartered in Quincy and continue operating its Tilton, N.H., distribution facility. Paula Bennett will stay on as brand president.
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