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The move is expectef to result in the closure of aboutr 75of J. Jill’s existing stores. Mass.-based Talbots (NYSE: TLB) said the agreement with San Francisco-basexd Golden Gate Capital is subjectto post-closinfg adjustments. “This is a significant strategic step forwarf for Talbots as it enables us to focuzour time, resources and attention exclusivelg on rejuvenating our core Talbotz brand and return to profitable growth,” said Trudy F. Talbots president and CEO, in a prepared written “Paula Bennett and her team have made tremendoux progress in improvingthe J. Jill branxd merchandise and its creative presentation across all channelswof business.
We are confident that Goldem Gate Capital will be an excellent partnef tohelp J. Jill achieve its true long-term About 204 of the existing279 J. Jill brandf store leases will be assigned to the buyer and will continueeto operate. About 75 remaining J. Jill bran store leases will be retained by Talbots and are expected to be closed by Talbots within the next60 days.
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