Ugliness at Talbots
Wow. Interesting week for Talbots.
Awful quarter reported last week (not shocking, of course); Trudy Sullivan's finally on the way out (well, at some point between now and the next six months) but with a sweet goodbye package that shafts shareholders; and now Sycamore's offer to buy the company. HOWEVER, I think investors ought not be so gleeful about an offer that wrapped in prose like this (linking to letter from the SEC filing).
That's putting $3 lipstick on this retail stock pig, ha. Seriously, read the letter, it's a nice litany of how screwed up this company is. And the statement that Talbots' board has "rebuffed" these guys, well, good luck to the people who were buying up shares today on this news. Any thoughts?