Women’s apparel chain The Talbots Inc. has announced it will sell almost all the assets of the J. Jill brand to a private equity firm for approximately $75 million.
The Hingham MA-based retailer said it will sell the J. Jill brand, which it purchased for $517 million in 2006, to an affiliate of Golden Gate Capital created specifically for the transaction. The sale is expected to close by the end of the quarter.
The buyer will keep open 204 of the current 279 J. Jill retail stores and will also continue to operate a distribution center in Tilton NH. The brand’s president, Paula Bennett, will continue in that post. The remainder of the J. Jill stores will be closed by Talbots within the next two months.
Network
