Private equity firm Sycamore Partners' affiliate, TLB Merger Sub Inc., has put finishing touches to its $391 million acquisition of Talbots Inc.
Talbots' headquarters will remain in Hingham, Mass. The buyer also plans to maintain all other offices for the chain. It has de-listed it, though, on the New York Stock Exchange.
"Building on its 65 years of history, we will restore the Talbots brand and the company's heritage as a leading retailer of traditional women's apparel, shoes and accessories," said Stefan Kaluzny, managing director of New York-based Sycamore Partners. "We are looking forward to what we know will be a long and successful partnership." At the end of the second quarter, Talbots operated 516 stores in 46 states and Canada.
As part of the takeover, a new senior executive team has been seated. Twenty five-year veteran Michael Archbold, previously president and COO of the Vitamin Shoppe, has been named CEO and CFO. Lizanne Kindler, former executive vice president of product development at Kohl's Department Stores, takes the president's reins. Michele Mandell, a 26-year veteran of Talbots and former executive vice president of stores, has been promoted to COO.
Perella Weinberg Partners LP was Talbots' financial adviser and White & Case LLP was its legal counsel. Bank of America Merrill Lynch was financial adviser for Sycamore Partners and Winston & Strawn LLP and Attorney Gary M. Holihan acted as its legal counsel.