The Talbots, Inc. Retains Moelis & Company as Financial Advisor for Sale of J. Jill Brand
November 17 2008 - 1:24PM
Business Wire
The Talbots, Inc. (NYSE: TLB) today announced it has retained
Moelis & Company to serve as the Company�s exclusive financial
advisor in connection with the sale of its J. Jill brand. Gregory
Shaia, Managing Director at Moelis & Company and former Head of
Retail Investment Banking for Bear Stearns, will act as lead
advisor on the sale. Trudy F. Sullivan, President and Chief
Executive Officer of The Talbots, Inc., commented, �We are pleased
to be working with Moelis & Company, and particularly with Greg
Shaia, whose more than 20 years of advising on some of the largest
retail transactions in the industry, will be an invaluable asset as
we move forward with the sale of the J. Jill brand.� Talbots
announced its plans to pursue the sale of the J. Jill brand on
November 6, 2008. This will enable the Company to focus management
resources and capital exclusively on its core Talbots business,
which it believes is the right strategic decision to drive
long-term increased shareholder value. The Company does not intend
to update its progress or disclose developments with respect to the
sale of the J. Jill brand unless or until a definitive transaction
is entered into. The Talbots, Inc. is a leading specialty retailer
and direct marketer of women�s apparel, shoes and accessories. The
Company currently operates stores in 878 locations in 47 states,
the District of Columbia, and Canada, with 595 locations under the
Talbots brand name and 283 locations under the J. Jill brand name.
Both brands target the age 35 plus customer population. Talbots
brand on-line shopping site is located at www.talbots.com and the
J. Jill brand on-line shopping site is located at www.jjill.com.
The foregoing contains forward-looking information within the
meaning of The Private Securities Litigation Reform Act of 1995.
These statements may be identified by such forward-looking
terminology as "expect," "achieve," "plan," "look," "believe,"
"anticipate," "outlook," "will," "would," "should," "guidance," or
similar statements or variations of such terms. All of the
information concerning our financial outlook (including future
profitability, future comparable stores sales, future earnings and
other future financial performance or operating measures), future
credit facilities, future merchandise purchases, future cash needs,
and other future financial performance or financial position
constitutes forward-looking information. Our forward-looking
statements are based on a series of expectations, assumptions,
estimates and projections about our Company, are not guarantees of
future results or performance and involve substantial risks and
uncertainty, including assumptions and projections concerning our
internal plan including our budget for regular-price and markdown
selling and operating cash flow for forward periods. All of our
forward-looking statements are as of the date of this release only.
The Company can give no assurance that such expectations or
forward-looking statements will prove to be correct. Actual results
may differ materially from our forward-looking statements. The
Company does not undertake or plan to update or revise any such
forward-looking statements to reflect actual results, changes in
plans, assumptions, estimates or projections, or other
circumstances occurring after the date of this release, even if
such results, changes or circumstances make it clear that any
forward-looking information will not be realized. Any public
statements or disclosures by us following this release which modify
or impact any of the forward-looking statements contained in or
accompanying this release will be deemed to modify or supersede
such statements in or accompanying this release. Our
forward-looking statements involve substantial known and unknown
risks and uncertainties as to future events which may or may not
occur, including the following risks: the Company�s decision
concerning and the risks and uncertainties associated with the
decision to pursue a sale or disposition of the J. Jill brand
business including the timing, consideration which may be received
or other terms of any such sale or disposition; the impact of the
continued deterioration in the U.S. economic environment, including
continued negative impact on consumer discretionary spending, the
disruption and significant tightening in the U.S. credit and
lending markets, recessionary pressures and fluctuations in energy
prices and in the value of the U.S. dollar; the success and
customer acceptance of our new merchandise offerings including our
fall, winter and other seasonal fashions and merchandise offerings;
our ability to accurately estimate and forecast future
regular-price and markdown selling and operating cash flow;
achieving the Company's sales plan for the balance of the year,
achieving the Company's operating cash flow plan for the year;
successfully executing the Company's strategic initiatives,
including supply chain initiatives, anticipated lower inventory
levels, expected operating expense and other cost reductions, the
success of the new promotional cadence for the Talbots brand,
reduced markdown exposure and improved gross margins, the
successful closing of underperforming stores; continued ability to
purchase merchandise on open account purchase terms at expected
levels; obtaining letter of credit facilities for merchandise
purchases from vendors who require such facilities; the Company's
credit facilities and its ability to obtain any necessary increases
in its credit facilities as may be needed from time to time; the
Company's ability to reduce spending as needed; and the Company's
ability to continue to satisfy its financial covenants under its
existing debt agreements. In each case, actual results may differ
materially from such forward-looking information. Certain other
factors that may cause actual results to differ from such
forward-looking statements are included in the Company's periodic
reports filed with the Securities and Exchange Commission and
available on the Talbots website at www.thetalbotsinc.com under
"Investor Relations" and you are urged to carefully consider all
such factors.
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