Talbots Completes Sale of J. Jill Assets

HINGHAM, Mass.--(Business Wire)--
The Talbots, Inc. (NYSE:TLB) today announced that it has completed its
previously announced sale of the J. Jill brand business to Jill Acquisition LLC,
an affiliate of Golden Gate Capital, a San Francisco-based private equity
investment firm.

As part of the terms of the Asset Purchase Agreement, dated June 7, 2009,
identified assets associated with the J. Jill brand business were acquired by
Jill Acquisition LLC, including 205 J. Jill brand stores, the Tilton, NH
distribution facility, intellectual property, accounts receivable and inventory
related to the transferred stores, along with certain related liabilities.

The sale of the J. Jill business is part of Talbots strategy to focus its time,
resources and attention exclusively on rejuvenating its core Talbots brand and
return to profitable growth.

At closing Jill Acquisition LLC paid the $75 million stated cash purchase price
less an $8.1 million adjustment based on estimated closing date working capital
as outlined in the purchase agreement.

Moelis & Company acted as Talbots exclusive financial advisor on the transaction
and both Dewey & LeBoeuf LLP and Day Pitney LLP acted as counsel. Kirkland &
Ellis LLP acted as counsel to Golden Gate Capital.

Additional information related to this sale is included in the Company`s Form
8-K filed today.

The Talbots, Inc. is a leading specialty retailer and direct marketer of women`s
apparel, shoes and accessories. At the end of the first quarter 2009, the
Company operated 586 Talbots brand stores in 47 states, the District of
Columbia, and Canada. Talbots brand on-line shopping site is located at
www.talbots.com.

Golden Gate Capital is a San Francisco-based private equity investment firm with
over $9.0 billion of assets under management dedicated to investing in
change-intensive opportunities. The firm's charter is to partner with
world-class management teams to make equity investments in situations where
there is a demonstrable opportunity to significantly enhance a company's value.
For more information, visit http://www.goldengatecap.com.

Forward-Looking Information

The foregoing contains forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. The forward-looking
information may be identified by such forward-looking terminology as
"anticipate", believe", "may", and similar terms or variations of such terms.
Our forward-looking statements are based on our assumptions, estimates and
projections about our Company and the J. Jill brand business and involve
significant risks and uncertainties, including: the risk that anticipated
benefits from the sale transaction may not be realized or may take longer to
realize than expected and the risk that estimated or anticipated costs, charges
and liabilities to settle and complete the exit from and disposal of the J. Jill
brand business, including both retained obligations and contingent risk for
assigned obligations, may differ from or be greater than anticipated. If these
or other significant risks and uncertainties occur, or if our estimates or
underlying assumptions prove inaccurate, our actual results could differ
materially. You are urged to consider all such risks and uncertainties.In light
of the uncertainty inherent in such forward-looking statements, you should not
consider their inclusion to be a representation that such forward-looking
matters will be achieved. The Company assumes no obligation to and does not plan
to update any such forward-looking statements.

Certain other factors which may impact our continuing operations, prospects,
financial results and liquidity or which may cause actual results to differ from
such forward-looking statements are also discussed or included in the Company's
periodic reports filed with the Securities and Exchange Commission and available
on the Talbots website at www.thetalbotsinc.com under "Investor Relations".You
are urged to carefully consider all such factors.

The Talbots, Inc.
Julie Lorigan
Senior Vice President, Investor and Media Relations
781-741-7775
or
Berns Communications Group
Stacy Berns/Melissa Jaffin - Investor/Media Relations
212-994-4660
or
Coltrin & Associates
David Olsen for Golden Gate Capital
212-221-1616

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