Private-equity firm Sycamore Partners has made an offer for troubled retailer The Talbots (NYSE: TLB). A multiyear turnaround has failed and the company’s board recently said it had pushed out its CEO and would look for another. The retailer’s revenue and same store sales have fallen for two years. The company’s shares are off considerably over the same period as well.
The Talbots finds itself in a battle with a slew of other middle level clothings stores, department stores, and big box retailers. Many analysts believe that a new CEO will not solve such deep problems
The WSJ reports
Private-equity firm Sycamore Partners proposed to acquire Talbots Inc. for $3 a share Tuesday, an offer the firm made public after saying it had been rebuffed by the struggling women’s apparel retailer.
Sycamore said in a securities filing that it made the offer in a letter to Talbots Chairman Gary Pfeiffer. The letter also expressed concern with the retailer’s operating performance, deep discounting and falling stock price.
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