May 31, 2012 |
Sycamore Partners is buying Talbots Inc. for $369-million, plus debt -- a steal considering that the struggling women's retailer had snubbed earlier, higher bids. The private equity firm will take over Talbots for $2.75 a share in a board-approved deal expected to close in the third quarter. Last week, Sycamore walked away from talks with the retailer after offering $3.05 a share. In early May, Talbots had sniffed that a $3-a-share proposal was “inadequate.” Why the change of heart?
May 25, 2012 |
For all its flirting, private equity firm Sycamore Partners didn't want to commit in the end to Talbots Inc., breaking off talks to buy the struggling women's retailer for $215 million. Talbots' stock sank 36%, sinking 92 cents to $1.64, in late morning trading in New York on Friday, even as the company reported improved profit. The retailer's negotiations with Sycamore had been extended twice since May 5. Ultimately, Sycamore told Talbots that it wasn't ready for a deal. The retailer said in a statement Friday that it “remains open to pursuing a transaction” with the private equity firm.
May 11, 2012 |
Struggling women's clothing retailer TheTalbots Inc.is considering an improved takeover offer worth nearly $211 million from New York private equity firm Sycamore Partners. Sycamore is now proposing a $3.05-per-share deal for the Hingham, Mass., company, up from the $3-per-share bid that Talbots rejected in December as “inadequate.” The new proposal is 9.7% above the retailer's $2.78 close on Friday. Since spiking to $10.40 a share in December, when it announced an effort to ditch stores and boost profit, Talbots' stock has remained relatively stable.
May 8, 2012
Clothing retailer The Talbots Inc. says it has received a $210.9 million takeover offer from private equity firm Sycamore Partners. Sycamore, Talbot's largest shareholder, is offering $3.05 per share for the company. That's a 9 percent premium from the stock's closing price on Friday. Talbots, based in Hingham, Mass., announced the offer on Monday. Talbots had 69.2 million shares outstanding as of Jan. 28, according to a filing with the Securities and Exchange Commission.
February 1, 2010 |
Two years ago, Arnold Zetcher retired as chief executive of Talbots after guiding the preppy retailer from a $360-million company into $1.8 billion in revenue over 20 years. Now he's having even more fun devoting his full-time attention to owning horses. Wearing a suit and black polished shoes, he eagerly stepped onto the track at Santa Anita on Sunday and got a little dirty, but smiled with pride and joy while escorting his 4-year-old filly, Gabby's Golden Gal, into the winner's circle after she won the Grade I, $250,000 Santa Monica Handicap by 1 1/4 lengths over Proviso.
CALIFORNIA | LOCAL
September 5, 2009 |
Nancy Talbot, who co-founded a women's clothing store with her husband in 1947 that catered to a "country club" set and oversaw its growth into a catalog powerhouse and retail chain, has died. She was 89. Talbot died Sunday from complications of Alzheimer's disease at her home in Boulder, Colo., said a daughter, Polly Talbot Donald. When Nancy and her husband, Rudolf Talbot, inherited his father's cramped clothing store in the Boston suburb of Hingham, Mass., they renamed it "The Talbots."