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Nine of the 75 stores to be closed are in including the one in TheAvenuew mall. A second Jacksonville J. Jill location at the St. Johnzs Town Center will remain open. In a statemenrt announcing the sale, Talbots Presidentf and CEO Trudy Sullivan saidit “enableas us to focus our resources and attention exclusively on rejuvenating our core Talbotws brand and return to profitable growth.” The transaction included the transfer of certainn assets and liabilities to the buyer, includin g a distribution center in New Hampshire, the subleas of a portion of the Quincy, Mass., headquarters and substantially all of the brand’ds intellectual property and inventories.
The remaining 204 storews will continue to operate underthe J. Jill The headquarters for the companyt will remain in The J. Jill sale is expected to be completed in the secon d quarter and is subject to postclosing adjustments. San Franciscoo based-Golden Gate Capital acquired Jacksonville-based Venus in 2006. The acquisitionj was Golden Gate’s 11th in two years. Last month Venus announced that all 290 employeee were in jeopardy of losing their jobs when the swimwear and ladies apparel companuy lostits financing.
With its latesf catalog recentlybeing released, Venus employees are still working, at least for now, and companu executives are looking for a new buyerd to acquire the company.
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