According to sources, Sycamore is Talbots’ second-largest shareholder, which will receive $2.75 per share. In December, Talbots rejected the $3.05 per share previously offered by the private equity firm.
The company operates 580 Talbots brand stores in 46 states, the District of Columbia, and Canada. Online sales represent more than 60 percent of the direct business.
“We are pleased with the value this transaction delivers to our stockholders and believe that this is a positive development for all of our stakeholders,” said Talbots CEO Trudy Sullivan.
“Sycamore Partners is a strong investor with substantial resources and expertise, and we look forward to operating as a private company under their ownership.”No tags for this post.