The women’s clothing chain , with a store in downtown Hamilton, has a new owner.
The store, known for its distinctive red front door that sells , has been bought by the private equity firm Sycamore Partners, the Boston Globe reported on Thursday, citing a press released from both Sycamore and Talbots on Wednesday evening.
The purchase is valued at $369 million, including debt. The deal was reached after an initial offer of $3.05 per share ended at a purchase price of $2.75 per share cash, or $193.3 million. Talbots was trading at $2.47 per share, up $1.18 on Thursday morning.
The sale is expected to be complete in the third quarter of this year.
"Sycamore Partners is a strong investor with substantial resources and expertise, and we look forward to operating as a private company under their ownership," President and Chief Executive Officer Trudy Sullivanm said in the written announcement of the sale.
In 2010 but did not say whether the Hamilton store, which unlike most location is standlaone and not in a mall or plaza, was on the list.
The Hamilton location is one of 516 stores in the U.S. and Canada. The company has about 8,000 employees.