Sycamore Partners completes Talbots acquisition
Talbots has been bought by Sycamore Partners.
Sycamore Partners has completed its purchase of Talbots, following business negotiations between the brands.
Including net debt, this deal has an approximate value of $391 million (£250 million) and it is expected that Talbots will retain its existing offices and headquarters.
Talbots is a direct marketer and speciality retailer of women's accessories, shoes and apparel, while private equity brand Sycamore Partners specialises in retail and consumer investments.
Contract negotiations were also required by Sycamore Partners, as it has revealed it has appointed a senior executive team at the newly-acquired firm.
The roles of chief financial officer and chief executive officer will be filled by Michael Archbold, who used to lead Vitamin Shoppe, while Kohl's Department Stores' former executive vice-president of product development Lizanne Kindler has been named as Talbots' new president.
Finally, Michelle Mandell, who has been at Talbots for 26 years, has been appointed as the company's chief operating officer.
"We are pleased to have completed this acquisition and are ready to deliver on the promise of executing on the significant potential inherent in Talbots, which remains a premier, storied brand," Sycamore Partners managing director Stefan Kaluzny said.
Posted by Edel Quinn
Source: Sycamore Partners press release, August 7th