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BREAKING NEWS FROM CNBC’S KAYLA TAUSCHE: GOLDEN GATE, TPG AMONG FIRMS WEIGHING TALBOTS BIDS

WHEN: TODAY, FRIDAY, JANUARY 20, 2012

WHERE: CNBC’S “SQUAWK ON THE STREET

Following is the unofficial transcript of breaking news from CNBC’s Kayla Tausche. All references must be sourced to CNBC.

KAYLA TAUSCHE: TALBOTS PUT ITSELF UP FOR SALE LAST MONTH, AND I'VE LEARNED NOW THAT GOLDEN GATE CAPITAL AND TPG ARE AMONG THE FIRMS WEIGHING BIDS FOR THE TROUBLED RETAILER. THAT PROCESS IS SAID TO HEAT UP IN THE COMING WEEKS - WITH VARIOUS PRIVATE EQUITY AND STRATEGIC PARTIES TAKING A LOOK AS ALWAYS HAPPENS IN THESE PROCESSES. NOW REMEMBER TALBOTS LATE LAST YEAR TURNED DOWN AN OFFER OF $3 DOLLARS A SHARE -- FROM ITS 9.9% SHAREHOLDER, SYCAMORE PARTNERS. THE INTERESTING TWIST HERE IS THAT STEFAN KALUZNY, SYCAMORE'S FOUNDER, WAS ALSO A FOUNDING MEMBER AT GOLDEN GATE BEFORE LEAVING A YEAR AGO. NOW GOLDEN GATE HAS INVESTED IN EXPRESS, EDDIE BAUER AND J. JILL AS FAR AS RETAIL GOES- AND HAD PREVIOUSLY SOUGHT A TALBOTS TAKEOVER WHILE KALUZNY WAS STILL THERE. NOW, IT WOULD BE BIDDING AGAINST HIM. AS FOR TPG, ITS RETAIL EXPERTISE LAY IN NEIMAN MARCUS AND J. CREW. BUT CARL, BECAUSE OF THE FINANCIAL DURESS THE COMPANY HAS SEEN, WE’LL HAVE TO WAIT AND SEE HOW MANY BIDS ACTUALLY MATERIALIZE HERE.

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