Talbots Dumped by Sycamore, Shares Slump

May 25 (Reuters) – Women’s apparel retailer Talbots Inc said Sycamore Partners, with which it has been in exclusive talks for a buyout, is not prepared to execute a deal at this time.

Talbots said it remains open to pursuing a transaction with Sycamore at $3.05 per share pursuant to an acceptable merger agreement.

The company said it was exploring other strategic alternatives.

The struggling retailer put itself up for sale after it tried to change its store formats and cater to a younger generation of shoppers and lagged behind peers such as Ann Inc and Chico’s FAS Inc.

Image Credit: Talbots