Total Retail's sixth annual list of the leading female executives in the retail industry The 2016 list of the leading women executives in retail features some of the best and brightest minds in the industry. This year's honorees were chosen for being in a top-level position within a retail organization, along with several…
Talbots is upgrading its core merchandising and inventory management systems to streamline processes, reclassify products and centrally manage inventory across channels. The retailer of women's classic apparel and accessories has selected Mi9 BI, Mi9 Merchant and Sales Audit with Loss Prevention software products to replace its existing core merchandising and inventory management systems. Talbots chose Mi9 Retail for its advanced business intelligence capabilities that are built into the merchandising platform with a single data repository and easy-to-use interface, as well as its robust integration capabilities with third-party systems, including their order management systems.
After years of stability in the executive suite, GNC Holdings has sent longtime leader Joe Fortunato packing and installed an outsider — senior retail industry executive Michael Archbold, 53 — as CEO, effective immediately. Lead independent director Michael Hines has been elected nonexecutive chairman of the GNC board. Archbold comes to GNC from women's apparel retailer Talbots, but before that he held executive positions, including president and COO for GNC competitor Vitamin Shoppe. Tuesday's surprise announcement comes only weeks after GNC's longtime CFO Michael Nuzzo left the company to become chief administrative officer and executive vice president at 4Moms.
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Talbots is expected to unveil new management for the classic women's clothing retailer this week after a finalized buyout of the Hingham, Mass.-based company triggered CEO Trudy Sullivan's resignation. Sycamore Partners expected to complete its purchase of the struggling Talbots last week. The New York private equity firm said it completed its tender offer for the classic women's clothing retailer that expired Thursday night and left Sycamore in control of 83.6 percent of Talbots’ outstanding shares.
Talbots has agreed to be acquired by an affiliate of the private equity firm Sycamore Partners, the two companies said Thursday. Under the agreement, Sycamore Partners will acquire all the outstanding common stock of Talbots for $2.75 per share in cash. A previous offer from Sycamore Partners had called for $3.05 a share, but then negotiations stalled. In the press release issued Thursday, the companies said that the current transaction is valued at about $369 million when debt is included. The transaction is expected to close in the third quarter of this year.
Talbots Inc. said Friday it will actively explore other strategic alternatives after Sycamore Partners said it won't buy the retailer. A May 5 exclusivity agreement with Sycamore Partners has expired and Talbots said it remains open to pursuing a transaction with the firm at $3.05 a share. Sycamore "informed the company that it is not prepared to execute a transaction at this time," Talbots said.
Talbots said it's received a raised takeover offer of $214.6 million from private equity firm Sycamore Partners. The company also said it entered an exclusivity agreement with Sycamore, which will end on May 15. Talbots said Sycamore had offered to pay $3.05 per share — slightly higher than the $3.00 per share offer it made in December. Talbots’ board of directors said it continues to evaluate strategic alternatives. Talbots' fourth-quarter loss widened to $53.2 million, or 77 cents per share, from last year’s loss from continuing operations of $2.8 million, or 4 cents per share.
Hingham, Mass.-based Talbots expects to close approximately 110 locations and focus on store reimaging through fiscal 2013. In fiscal 2011, the company refreshed and reimaged approximately 70 locations, including consolidations and downsizings. The company also closed 82 locations, including 69 full-line stores, during fiscal 2011. As announced in December 2011, Talbots’ board of directors is exploring a full range of strategic alternatives. Pending that evaluation, the company will continue to pursue its long-range plan to invest in key strategic initiatives, specifically the expansion of its upscale outlet business and store reimaging initiative.
Looking to sell itself, Talbots opened its books to Sycamore Partners in a move that could lead to the private equity firm raising its original buyout offer, which was snubbed by the women's apparel chain last month. Earlier this month, people familiar with the matter told Reuters that Talbots — which is also looking for a new leader — had started actively soliciting offers and private-equity firm Golden Gate Capital was considering a bid for the company.