×
74 185
Fashion Jobs
MACY'S
Asset Protection Detective, Northridge Fashion Center - Full Time
Permanent · Los Angeles
MACY'S
Asset Protection Detective, Newpark - Full Time
Permanent · Newark
MACY'S
Asset Protection Detective, Fairfield Commons - Full Time
Permanent · Beavercreek
MACY'S
Manager, Merchandise Execution
Permanent · Westminster
MACY'S
Asset Protection Detective, Cool Springs - Part Time
Permanent · Franklin
MACY'S
Asset Protection Detective, Boston - Full Time
Permanent · Suffolk
MACY'S
Asset Protection Detective, Bowie Towne Center - Full Time
Permanent · Bowie
MACY'S
Asset Protection Detective, Woodfield - Full Time
Permanent · Schaumburg
MACY'S
Asset Protection Detective, Tysons Corner Center - Full Time
Permanent · McLean
MACY'S
Asset Protection Detective, Arden Fair - Full Time
Permanent · Sacramento
MACY'S
Asset Protection Security Guard, Boston - Part Time
Permanent · Suffolk
MACY'S
Asset Protection Detective, Solomon Pond - Full Time
Permanent · Marlborough
MACY'S
Asset Protection Detective, Burnsville Center - Full Time
Permanent · Burnsville
MACY'S
Asset Protection Detective, Tysons Corner Center - Part Time
Permanent · McLean
MACY'S
Asset Protection Detective, Santa Maria Town Center - Full Time
Permanent · Santa Maria
MACY'S
Asset Protection Detective, Monterey Del Monte Center - Part Time
Permanent · Monterey
MACY'S
Asset Protection Detective, Center City - Full Time
Permanent · Philadelphia
MACY'S
Asset Protection Detective, Herald Square - Full Time
Permanent · New York
MACY'S
Manager, Merchandise Execution
Permanent · Greensboro
MACY'S
Director, CRM Technology Solutions
Permanent · Johns Creek
UNDER ARMOUR
Stock Lead, ft
Permanent · LIVERMORE
THE REALREAL
Sales Account Manager (Account Luxury Manager)
Permanent · Los Angeles
By
Reuters
Published
Jan 22, 2012
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Talbots puts itself on the block

By
Reuters
Published
Jan 22, 2012

Women's apparel chain Talbots Inc (TLB.N) has started an auction to sell itself, two people familiar with the matter said on Friday, and its shares rose as much as 22 percent.

Talbots' advisor Perella Weinberg has started actively soliciting bids for the company as part of its exploration of strategic alternatives after Talbots turned down a $212 million buyout proposal from Sycamore Partners in December, the sources said. Sycamore, which already owns 9.9 percent of Talbots, had offered $3.00 per share, a $1.44 premium over Talbot's $1.56 share price at the time the offer was made.

On Friday, Talbots shares closed up 18.6 percent at $3.19 after reaching $3.29 earlier in the day.

Sycamore is headed by Stefan Kaluzny, a former managing director at Golden Gate Capital, another private equity firm that the sources said was mulling a bid for Talbots. Golden Gate bought the J. Jill brand from Talbots in 2009 for $75 million, a fraction of the $517 million Talbots had paid to buy it three years earlier.

"A mix of strategic and private equity buyers have been approached. The data room will open in the next few days followed by a two-stage auction. They should have an outcome by the end of the second quarter," one of the sources said.

Talbots did not respond to a request for comment but said in a statement that it would not comment on its share price. Golden Gate declined to comment.

Clothing retailers have proven to be tricky buys for private equity firms. J Crew Group Inc agreed to a $3 billion takeover offer from TPG Capital and Leonard Green & Partners in 2010 before the board was informed, leading to litigation and a shareholder class action settlement.

Talbots has been looking for a new chief executive to replace Trudy Sullivan, who unsuccessfully tried to revive the chain with new store formats, cost cuts and by chasing younger shoppers.

Sycamore was hoping to capture synergies in Talbots after it bought 51 percent of Limited Brands Inc's (LTD.N) apparel sourcing division, Mast Global Fashions, in November.

(Reporting by Greg Roumeliotis in New York; Additional reporting by Ranjita Ganesan and Mihir Dalal in Bangalore; Editing by Roshni Menon)

© Thomson Reuters 2023 All rights reserved.