Home / Knowledge / News / Fashion / Golden Gate to buy J. Jill assets for $75 mn
Golden Gate to buy J. Jill assets for $75 mn
Jun '09
The Talbots Inc announced that it has signed a definitive agreement to sell substantially all of the J. Jill brand assets to Jill Acquisition, LLC, an affiliate of Golden Gate Capital, a San Francisco-based private equity investment firm, for approximately $75 million, subject to certain post-closing adjustments.

“This is a significant strategic step forward for Talbots as it enables us to focus our time, resources and attention exclusively on rejuvenating our core Talbots brand and return to profitable growth,” said Trudy F. Sullivan, Talbots President and Chief Executive Officer.

“Paula Bennett and her team have made tremendous progress in improving the J. Jill brand merchandise and its creative presentation across all channels of business. We are confident that Golden Gate Capital will be an excellent partner to help J. Jill achieve its true long-term potential.”

As part of the transaction, J. Jill will continue to be led by Paula Bennett, J. Jill brand President. All of the J. Jill brand employees located at the Quincy, MA and Tilton, NH facilities and at the transferred store locations will remain employed by the buyer. J. Jill will continue to operate under the same brand name, will remain headquartered in Quincy, MA, and will continue to operate its distribution center in Tilton, NH.

The transaction includes the transfer of certain assets and liabilities to the buyer, including the Tilton, NH distribution facility, sublease of a portion of the Quincy, MA office facility, and substantially all of the brand's intellectual property and inventories.

Two hundred and four of the existing 279 J. Jill brand store leases will be assigned to the buyer and will continue to operate. The 75 remaining J. Jill brand store leases will be retained by Talbots and are currently expected to be closed by Talbots within the next sixty days.

Paula Bennett, J. Jill brand President, commented, “My team and I are delighted to partner with Golden Gate Capital. They have an outstanding reputation for developing great multi-channel businesses and we look forward to working with them to maximize the potential of the J. Jill brand as an independent company.”

The closing of the proposed transaction is anticipated to occur in the second quarter of fiscal 2009 and is subject to customary closing conditions, including the expiration of the antitrust waiting period.

The purchase agreement contains customary representations, warranties, covenants and indemnification provisions. The Board of Directors of The Talbots, Inc. has unanimously approved the transaction. The transaction is not conditioned upon financing and no Company shareholder approval is required.

The pending divestiture of the J. Jill brand is part of Talbots efforts to continue to focus exclusively on executing the turnaround of its core business, including Talbots Misses, Petites, Woman, Accessories and Shoes, and its newly launched upscale outlet concept.

Over the last five years Golden Gate Capital has completed approximately 20 multi-channel retail acquisitions totaling in excess of $3.5 billion in annual revenues, including the acquisition of Express and various acquisitions through Orchard Brands, among others.

Moelis & Company acted as Talbots exclusive financial advisor on the transaction and both Dewey & LeBoeuf LLP and Day Pitney LLP acted as counsel. Kirkland & Ellis LLP acted as counsel to Golden Gate Capital.

Talbots Inc

Must ReadView All

Courtesy: Amazon

Apparel/Garments | On 23rd Sep 2018

Consumers in Turkey get access to Amazon

Amazon has launched in Turkey giving customers in the country...

Value in omni-channel retail with Flipkart buying: Walmart

Apparel/Garments | On 23rd Sep 2018

Value in omni-channel retail with Flipkart buying: Walmart

With the acquisition of Flipkart, Walmart sees great value in...

E-com to result in common SE Asian consumer market: BCG

Textiles | On 23rd Sep 2018

E-com to result in common SE Asian consumer market: BCG

The rapid spread of e-commerce and digital technologies is binding...

Interviews View All

Mohammad Mamun Ar Rashid, UL VS Bangladesh Ltd

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sonam & Paras Modi, SVA

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search