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To: BUSINESS EDITORS Contact: Jill Bratina of Volkswagen Group of America, Inc., +1- 202-957-0715, jill.bratina@vw.com
BOSTON -- Talbots Inc. said Monday it has agreed to acquire women's apparel retailer J. Jill Group Inc. for about $517 million, trumping an earlier unsolicited offer from Liz Claiborne Inc., which said it's not inclined to sweeten its bid. Monday's deal would give Talbots, which has stores in Provo and Murray, ownership of a struggling brand catering to affluent older women that has recently seen its retail store expansion cannibalize its more profitable and established catalog operations.
Jill Dominguez, founder and president of WRJ Group Inc. in Long Beach, has been named to Union Bank of California's Community Advisory Board, which helps the bank identify the financial needs of low-income and underserved communities. The 10-person board helps guide the bank's community reinvestment activities in affordable housing, small business and economic development, consumer loans and services, charitable gifts, and other community enterprises. Their collaboration helps ensure the success of the company's Ten Year Community Reinvestment Act Commitment, a pledge to provide financial support in the form of loans and grants to improve California's communities. Each board member serves a three-year term.
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