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Nine of the 75 stores to be closed are in including the one in TheAvenuesw mall. A second Jacksonville J. Jill location at the St. Johns Town Cente will remain open. In a statement announcinyg the sale, Talbots President and CEO Trudy Sullivan saidit “enables us to focus our time, resources and attention exclusively on rejuvenating our core Talbots branf and return to profitable growth.” The transactionm includes the transfer of certain asset and liabilities to the buyer, includiny a distribution center in New Hampshire, the subleas e of a portion of the Quincy, headquarters and substantially all of the brand’ws intellectual property and inventories.
The remainin g 204 stores will continue to operate undertthe J. Jill brand. The headquarters for the company will remain in Quincy. The J. Jill sale is expecteds to be completed in the second quarter and is subjecrt to post closing SanFrancisco based-Golden Gate Capital acquired Jacksonville-based Venu s in 2006. The acquisition was Golde n Gate’s 11th in two years. Last montgh Venus announced that all 290 employees were in jeopardu of losing their jobs when the swimwearf and ladies apparel company lostits financing.
With its latesyt catalog recentlybeing released, Venus employees are still working, at least for now, and company executivee are looking for a new buyer to acquirew the company.
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