Report: J. Jill mulls sale
Quincy, Mass. – J. Jill is reportedly in the process of hiring bankers to assist in a possible sale of the company. According to the Wall Street Journal, sources indicate that co-owners Golden Gate Capital and Arcapita Bank could receive as much as $500 million in a sale of the specialty chain.
The $500 million figure is based on J. Jill’s reported $60 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Retailers are typically valued at eight times EBITDA for a sale. Golden Gate also recently agreed to sell Eddie Bauer to Jos. A. Bank and is a major shareholder in Zale Corp., which Signet Jewelers has agreed to purchase for $1 billion.
G Asset proposes partial buyout of Barnes & Noble
New York — G Asset Management, LLC ("GAM"), a private investment management firm, has made a proposal to acquire 51% of Barnes & Noble Inc., valuing the company at $22 per share, or about $1.3 billion. This is a 10% increase on the $20 per share offer G Asset made for 51% of Barnes & Noble in November 2013.
Alternatively, G Asset has proposed to acquire 51% of the Nook segment, valuing the segment at $5 per share. The investment firm stated in its proposal that it was extremely confident that if the Nook segment is separated from the profitable retail and college business, substantial shareholder value would be created. In August 2013, Barnes & Noble said it would not split its retail and e-reader businesses.
G Asset has previously stated that it views Barnes & Noble as substantially undervalued in its current form, with the aggregate value of its key segments not reflected in its share price.
Both offers are subject to, among other conditions, the obtaining of the necessary financing, due diligence, and the negotiation and executing of definitive transaction documents.
Swiffer enlists Jewel for cleaning tool ad campaign
Jewel joined for the debut of the Swiffer Sweep and Trap, which features soft rotating beater blades that are designed to scoop up large particles into a removable dirt bin for quick disposal.
The singer-songwriter led the debut — which took place in New York at the kid-oriented venue Make Meaning — with a live performance of the new "Clean-Up Song." Her acoustic performance is available for free download on the Swiffer Facebook page at Facebook.com/Swiffer.
“As an artist, I love teaching my son through hands-on experiences, which often means making messes,”Jewel said. “So, when it comes time to clean up, I look for tools like the Sweep and Trap that make it efficient and easy, leaving me with more time and energy to play with my son. In our home, we often sing while we clean up, so I’m excited to unveil my own version of the classic family clean-up tune to celebrate this launch with Swiffer.”
The Swiffer Sweep and Trap starter kit is available for $19.99 at mass merchandise outlets, grocery stores, home improvement stores and e-retail websites throughout the United States.