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Covington Advises Perella Weinberg in Talbots Financing Solution

December 8, 2009

NEW YORK, December 8, 2009 — The Talbots, Inc., a leading international specialty retailer and direct marketer of women’s apparel, shoes and accessories, today announced agreements that in aggregate will reduce Talbots’ debt by approximately $330 million, provide access to a new secured debt facility, and re-establish the company with a strong financial profile as it embarks on the next stage of growth. Covington & Burling LLP represented Perella Weinberg Partners LP, financial advisor to the independent Audit Committee of the Talbots Board of Directors.

The comprehensive financing solution announced today includes three related transactions:

  • An agreement and plan of merger between Talbots and BPW Acquisition Corp.
  • The retirement of all equity currently held by Talbots majority stockholder, AEON, Inc., and the repayment of all of the company’s existing debt.
  • A commitment for a new $200 million senior secured revolving credit facility from GE Capital.

Covington corporate partner J. D. Weinberg in the firm’s New York office advised Perella Weinberg.

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