Sycamore Partners Completes Acquisition Of Talbots

              Sycamore Partners Completes Acquisition Of Talbots

Michael Archbold Appointed CEO and CFO, Lizanne Kindler Named President and
Michele Mandell Named Chief Operating Officer

PR Newswire

NEW YORK and HINGHAM, Mass., Aug. 7, 2012

NEW YORK and HINGHAM, Mass., Aug. 7, 2012 /PRNewswire/ --Sycamore Partners
today announced that TLB Merger Sub Inc. (an affiliate of Sycamore Partners)
has completed its acquisition of The Talbots, Inc., following the previously
announced completion of its tender offer on August 3, 2012. The transaction
is valued at approximately $391 million, including net debt.

"We are pleased to have completed this acquisition and are ready to deliver on
the promise of executing on the significant potential inherent in Talbots,
which remains a premier, storied brand," said Stefan Kaluzny, a Managing
Director of Sycamore Partners. "Building on its 65 years of history, we will
restore the Talbots brand and the Company's heritage as a leading retailer of
traditional women's apparel, shoes and accessories. We are looking forward to
what we know will be a long and successful partnership."

Sycamore Partners also announced that it has appointed a senior executive team
at Talbots with considerable experience in merchandising, marketing, finance
and operations. Michael Archbold, previously President and Chief Operating
Officer of the Vitamin Shoppe, has been named Chief Executive Officer and
Chief Financial Officer. Lizanne Kindler, previously Executive Vice President
of Product Development at Kohl's Department Stores, has been named President.
A former Executive Vice President of Merchandising at Talbots, she will be
responsible for product development, merchandising and marketing. Michele
Mandell, a 26-year veteran of Talbots and formerly the Executive Vice
President of Stores at the Company, has been appointed Chief Operating

"Talbots is a classic, American fashion retail brand with a strong foundation
and an iconic reputation in women's retail," said Michael Archbold, CEO and
CFO of Talbots. "By restoring the Company's focus on Talbots' classic
styling, we will be able to reconnect with the Company's historical customer
base. Lizanne, Michele and I look forward to working closely with the other
members of the Talbots' leadership team and the Company's more than 8,000
committed and hard-working associates to reestablish the brand as the category

He continued, "We could not have a better partner than the team at Sycamore.
Their knowledge of the retail sector is unparalleled." 

Mr. Kaluzny said, "We are excited that Mike, Lizanne and Michele are joining
Talbots. They are all veteran retailers and together have extensive financial,
merchandising, product development, marketing and operational skills that will
be invaluable as we move to better position Talbots for long-term, positive
growth. I appreciate the contributions made by Trudy Sullivan and her
colleagues, and look forward to working with the entire Talbots team to
continue serving Talbots' loyal customers."

Talbots' headquarters will remain in Hingham, Massachusetts, and the Company
expects to maintain all of its other offices. As a result of the completion of
the merger, the common stock of the Company is no longer listed for trading on
the New York Stock Exchange.

Perella Weinberg Partners LP acted as financial advisor to Talbots and White &
Case LLP acted as its legal counsel. Bank of America Merrill Lynch acted as
financial advisor to Sycamore Partners and Winston & Strawn LLP and the Law
Offices of Gary M. Holihan, P.C. acted as its legal counsel.

The Talbots transaction is the second investment by Sycamore, which has more
than $1 billion in capital under management. In November 2011, Sycamore
acquired a controlling interest in Mast Global Fashions from Limited Brands,

Michael G. Archbold

Mike Archbold has more than 25 years of strategic, financial, and operating
experience in the retail industry. He most recently served as President and
Chief Operating Officer of the Vitamin Shoppe. Previously he served as
Executive Vice President and Chief Financial and Administrative officer of
Saks Fifth Avenue, as well as Chief Financial Officer for AutoZone. He
currently serves on the board of directors of Express, Inc.

Lizanne Kindler

Lizanne Kindler is an accomplished merchant with experience in both
store-based and online retailing. Most recently she served as the Executive
Vice President of Product Development at Kohl's Department Stores. Ms. Kindler
was Executive Vice President at The Talbots, Inc. from 2008 to 2010. She
previously held a variety of merchandising roles at Ann Taylor.

Michele Mandell

Over a 26-year period, Michele Mandell held a variety of positions at Talbots,
including Regional Manager, Senior Vice President and Executive Vice
President. She retired from the Company in 2008. Earlier in her career she
held a buying and manager position at Price's of Oakland and was a women's
sportswear buyer at A.E. Troutman Co.

About Talbots

The Talbots, Inc. is a leading specialty retailer and direct marketer of
women's apparel, shoes and accessories. At the end of the second quarter 2012,
the Company operated 516 Talbots stores in 46 states and Canada. Talbots brand
on-line shopping site is located at

About Sycamore Partners

Sycamore Partners is a private equity firm based in New York specializing in
consumer and retail investments. The firm has more than $1 billion in capital
under management. The founders of Sycamore have a long history of partnering
with management teams to improve the operating profitability and strategic
value of their businesses. They work with companies they believe have
significant growth potential, particularly when given the capital and outside
expertise they need to succeed. For more information, please visit


For Talbots and Sycamore Partners:
Michael Freitag, Tim Lynch or Blair Fasbender
Joele Frank, Wilkinson Brimmer Katcher

SOURCE Sycamore Partners

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