May 7, 2012 | last updated June 1, 2012 2:22 pm

Talbots receives sweetened $211M buyout offer

Massachusetts clothing retailer The Talbots Inc., with four Connecticut stores, said Monday that it has received a sweetened buyout offer from private equity firm Sycamore Partners that values the company at about $211 million, The Associated Press reports.

Sycamore, which is already Talbot's largest shareholder with a 9.4 percent stake, is offering $3.05 per share for the company. That's a 9 percent premium from the stock's closing price on Friday.

The retailer based in Hingham, Mass., had rejected a $3 per share takeover offer from Sycamore last December, saying it undervalued the company.

Talbots said Monday its board is evaluating the latest proposal and other strategic alternatives.

The four Connecticut stores are: Westfarms mall, Canton, Glastonbury and South Windsor.

Talbots had 69.2 million shares outstanding as of Jan. 28, according to a filing with the Securities and Exchange Commission.

The women's clothing company has struggled for some time, posting annual losses in four of the past five years.

To reverse its fortunes, Talbots laid out plan to cut jobs, close stores, trim employees' hours, suspend national advertising and TV campaigns and reduce inventory.

It closed 47 locations under its plan during the fourth quarter. It said last month that it plans to close about 110 locations in total, which includes the consolidation of 15 to 20 locations through fiscal 2013.

As of the end of the fourth quarter, it operated 517 Talbots stores in 46 states and Canada.

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