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Talbots completes J. Jill acquisition for $517m

03
May '06
Apparel retailer The Talbots Inc has completed its previously announced acquisition of The J. Jill Group, a multi-channel specialty retailer of women's apparel, accessories and footwear.

Talbots acquired all the outstanding shares of J. Jill for $24.05 per share, in cash, for a total equity consideration of approx. $517 million. The transaction is expected to be accretive to Talbots earnings in fiscal 2007, including synergies. The common stock of J. Jill will cease to trade on the Nasdaq National Market as of the close of the market today.

Arnold Zetcher, Talbots Chairman, President and CEO, said, "We are very pleased to have completed this transaction so quickly and smoothly. With the combination of these two great brands, we have become the leading apparel retailer for the highly coveted age 35+ female population. We are sharply focused on capturing the growth potential of this commanding market position and enhancing shareholder value."

"Another top priority is to tap into the considerable pool of talent that exists within both organizations in order to best support our new corporate structure. It will take time to complete the process; however, we have made considerable progress, starting with a strong leadership team."

Zetcher announced the following key promotions:

Phil Kowalczyk, formerly Talbots Executive VP, CAO, has been appointed President of the J. Jill brand. As President, he is responsible for the growth and profitability of the J. Jill brand, and the integration of the two companies. In his new role, he assumes primary accountability for the J. Jill brand's merchandising, marketing, direct marketing, and stores, including store visual and design.


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