Feb 19, 2012
Talbots gets $75 mln loan from Wells Fargo
Feb 19, 2012
Feb 16 - Women's apparel chain Talbots Inc , which last month opened its books to a private equity firm, said it secured a new term loan and an amendment to its credit facility.
Dress by Talbots
The company, with a market cap of $218.6 million and total liabilities of $607 million as of Oct. 29, secured a new $75 million term loan from Wells Fargo as well as an amendment to its $200 million credit facility with GE Capital.
"These transactions enhance the company's liquidity, and provide Talbots with greater financial flexibility to support the Board's evaluation of a full range of strategic alternatives," outgoing Chief Executive Trudy Sullivan said in a statement.
The company also said it continues to explore strategic alternatives as well as its search for a successor to Sullivan who unsuccessfully attempted to revive the chain with new store formats, cost cuts and by chasing younger shoppers.
Just last month, Talbots opened its books to Sycamore Partners after having rejected an earlier buyout proposal from the firm..
The company's shares closed at $3.17 on Thursday on the New York Stock Exchange.
(Reporting by Abhishek Takle in Bangalore; Editing by Sreejiraj Eluvangal)
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