Talbots Buys J. Jill
Hingman, Mass.–based retailer Talbots Inc. will acquire the outstanding shares of Quincy, Mass.–based retailer J. Jill Group Inc. for $24.05 per share, for total equity consideration of approximately $517 million. Talbots has 1,083 stores and approximate annual revenues of $1.8 billion, while J. Jill has 200 stores and approximate annual revenue of $450 million. Combined, the new company will be a multi-channel specialty retailer targeting the 35 and older market. The company will have approximate annual revenues of $2.3 billion and operate 1,283 stores in 47 states, the District of Columbia, Canada and the United Kingdom. J. Jill will continue to operate under its name and be headquartered in Quincy, which is about seven miles from Talbots’ headquarters in Hingham. The announcement effectively quashed the efforts of New York–based manufacturer Liz Claiborne Inc, which has been trying to purchase J. Jill for some time.
