The Talbots Inc. has signed a definitive agreement to sell substantially of the J. Jill brand assets to an affiliate of private equity investment firm Golden Gate Capital for approximately $75 million. Jill Acquisition LLC, the Golden Gate affiliate, will assume the leases for 204 of the 279 J. Jill brand stores, which it will continue to operate. Talbots will retain the remaining 75 store leases and is expected to close these stores within the next 60 days.