Talbots Inc. today said that it has completed the sale of its J. Jill brand – both chains have Connecticut stores — to an affiliate of a San Francisco based private-equity firm.
Talbot announced in June that it would sell the women’s casual clothing business to focus on rejuvenating its core business.
An affiliate of Golden Gate Capital paid $75 million cash, less an $8.1 million adjustment based on the estimated closing date, as part of the agreement. Talbots had bought the brand in 2006 for $517 million.
The sale included 205 J. Jill brand stores, a New Hampshire distribution facility, intellectual property, accounts receivable and inventory related to the transferred stores, along with certain related liabilities. (AP)