Shares of clothing maker Talbots Inc. rose today after an investment group disclosed it had acquired a 9.9 percent stake in the company.
Sycamore Partners LP and an investor group said in a filing with the Securities and Exchange Commission that they own nearly 7 million shares of the company. In the filing, Sycamore said the stock is “undervalued and is an attractive investment.’’
The Hingham-based clothing maker, which has been renovating stores and changing its apparel offerings in an effort to shed a stodgy image and focus on more trendy fashions that appeal to younger shoppers, has had choppy sales results. It said in June it returned to a first quarter profit but added that sales were weak in its current quarter.
Talbots said at the time it expected “high levels’’ of markdowns throughout the second quarter to make way for new fall merchandise.
Shares rose 35 cents, or 10.1 percent, to $3.81 in midday trading. The stock has traded between $2.33 and $13.43 over the next 52 weeks.