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Nine of the 75 stores to be closec arein Florida, including the one in The Avenuesd mall. A second Jacksonville J. Jill location at the St. Johns Town Center will remaim open. In a statement announcing the sale, Talbotss President and CEO Trudy Sullivamn saidit “enables us to focuzs our time, resources and attention exclusivelyy on rejuvenating our core Talbote brand and return to profitable growth.” The transaction includes the transfer of certainh assets and liabilities to the buyer, including a distribution centet in New Hampshire, the sublease of a portionn of the Quincy, Mass., headquarters and substantiallg all of the brand’s intellectual property and inventories.
The remaining 204 storea will continue to operate underthe J. Jill The headquarters for the company will remainin Quincy. The J. Jill sale is expectefd to be completed in the second quarter and is subject to postclosinf adjustments. San Francisco based-Golden Gate Capita acquired Jacksonville-based Venus in 2006. The acquisition was Goldem Gate’s 11th in two years. Last month Venus announced that all 290 employees were in jeopardy of losin g their jobs when the swimwear and ladies apparelk company lostits financing.
With its latest cataloh recentlybeing released, Venus employees are stil working, at least for now, and compan y executives are looking for a new buyer to acquirw the company.
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