Hingham, Mass. – Building #19, a closeout retailer with 10 stores in Massachusetts and New Hampshire, is reportedly planning a giant closeout...
Hingham, Mass. -- Talbots Inc. said is extending its talks with Sycamore Partners about an acquisition offer. It is the second time the chain has extended the talks. Talbots has extended the period of time during which it will talk solely with the private equity firm about its $211 million takeover offer until Thursday. The first time Talbots extended the exclusivity period was a week ago, when it announced that the talks would continue until Wednesday. Earlier this month Sycamore offered to buy Talbots for $3.05 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.
Hingham, Mass. -- Talbots Inc.’s fourth-quarter loss widened to $53.2 million for the period ended Jan. 28, not as bad as analysts expected, compared to a loss of $2.8 million in the year ago. Its results were pressured by restructuring and executive retirement costs, as well as increased mark-downs and promotions. The chain also forecast first-quarter revenue that missed analysts' expectations. Revenue for the quarter slipped 1% to $289.4 million from $292.6 million, but beat Wall Street's estimate of $267.9 million. Same-store sales were flat. “Our fourth quarter performance reflects an aggressive promotional and markdown strategy in a
Sycamore Partners has made an unsolicited offer to buy Talbots Inc. for about $212 million, more than three months after first disclosing a stake in the troubled women's apparel retailer.
Hingham, Mass. — Talbots posted a bigger-than-expected second-quarter loss on Wednesday, largely due to increased markdowns. The retailer also said that chief creative officer Michael Smaldone has departed the company, effective immediately. Talbots reported a net loss of $37.3 million for the period ended July 30, compared with a profit of $941,000 a year earlier. Revenue fell 10% to $271.1 million from $300.7 million. Same-stores sales fell 10.4%. Talbots said its sales and traffic so far in the third quarter are down and anticipates its high levels of promotions and markdowns will continue. The company’s decision to part ways