Talbots Unloads J. Jill Unit

June 8, 2009

The Talbots Inc. says it plans to sell its J. Jill chain to Golden Gate Capital, a San Francisco-based private equity investment firm, for $75 million. The Hingham, Mass.-based company, which had previously announced plans to shed J. Jill, says the sale will "enable us to focus our time, resources and attention exclusively on rejuvenating our core Talbots brand and return to profitable growth" in its release.

The company, which is expected to announce earnings this week, has been struggling, and spent much of the recent months securing financing and reducing expenses. In its most recently quarterly results, comparable-store sales plunged 24.6%, and it reported a net loss of $136.3 million. Golden Gate will acquire 204 of J. Jill's 279 stores; the remainder is expected to be shuttered within 60 days.--Sarah Mahoney

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