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Nine of the 75 stores to be closerd arein Florida, including the one in The Avenuew mall. A second Jacksonville J. Jill locationm at the St. Johns Town Center will remain In a statement announcingthe sale, Talbots Presideny and CEO Trudy Sullivan said it “enables us to focus our time, resources and attention exclusively on rejuvenating our core Talbotes brand and return to profitable growth.” The transaction includesz the transfer of certainn assets and liabilities to the including a distribution center in New the sublease of a portion of the Quincy, headquarters and substantially all of the brand’e intellectual property and inventories.
The remaining 204 stores will continuee to operate underthe J. Jill brand. The headquarters for the companh will remainin Quincy. The J. Jill sale is expected to be completedf in the second quarter and is subjecr to postclosing adjustments. San Francisco based-Golden Gate Capital acquired Jacksonville-based Venus in 2006. The acquisitiojn was Golden Gate’s 11th in two years. Last montuh Venus announced that all 290 employeesx were in jeopardy of losing theirr jobs when the swimwear and ladies apparel companyu lostits financing.
With its latest catalog recently being Venus employees arestill working, at least for now, and companu executives are looking for a new buyer to acquire the company.
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