By  on June 8, 2009

The Talbots Inc. relieved itself of a major drain on its earnings and attention on Monday by agreeing to sell its J. Jill brand to Jill Acquisition, an affiliate of private equity firm Golden Gate Capital, for $75 million.

Talbots said in November that J. Jill was up for sale. The purchase price is about one-seventh the $517 million Talbots spent in 2006 for the brand, when it beat out Liz Claiborne Inc. in a bidding war.

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