Offer Extended Until 6:00 pm, New York City Time, on Monday, April 5, 2010

As of 6:00 pm on Friday, April 2, 2010, Approximately 88.0% of BPW Warrants
Issued in Initial Public Offering Had Been Tendered
HINGHAM, Mass.–(Business Wire)–
The Talbots, Inc. (NYSE: TLB) today announced that it is extending its offer to
exchange each outstanding warrant to acquire shares of common stock of BPW
Acquisition Corp. (“BPW”) (NYSE AMEX: BPW) for shares of Talbots common stock or
warrants to acquire shares of Talbots common stock, subject to the election and
proration procedures described in the prospectus/offer to exchange, filed with
the Securities and Exchange Commission on March 17, 2010.

The exchange offer is being extended until 6:00 p.m., New York City time, on
Monday, April 5, 2010, unless further extended by Talbots. Holders of BPW
warrants must tender their BPW warrants prior to the expiration date if they
wish to participate in the exchange offer. The exchange offer was previously
scheduled to expire at 6:00 p.m., New York City time, on April 2, 2010.
Approximately 30.8 million BPW warrants (including BPW warrants subject to
guarantees of delivery), or approximately 88.0% of BPW warrants issued in its
initial public offering, had been tendered as of 6:00 p.m., on April 2, 2010.
The minimum condition to consummation of the exchange offer is the tender of 90%
of BPW warrants issued in its initial public offering.

The full terms of the exchange offer, a description of Talbots common stock and
Talbots warrants, the material differences between Talbots common stock and BPW
common stock, the material differences between Talbots warrants and BPW
warrants, and other information relating to the exchange offer, Talbots and BPW,
are set forth in the prospectus/offer to exchange filed with the Securities and
Exchange Commission on March 17, 2010.

Talbots urges investors and security holders to read its exchange offer
materials, including the prospectus/offer to exchange, Schedule TO and related
materials, because they contain important information about the exchange offer.
Investors and security holders may obtain the prospectus/offer to exchange and
related material through the information agent for the exchange offer, Morrow &
Co., LLC, 470 West Avenue, Stamford, Connecticut 06902; telephone number: (203)
658-9400 or toll free (800) 662-5200.

About The Talbots, Inc.

The Talbots, Inc. is a leading specialty retailer and direct marketer of women`s
apparel, shoes and accessories. At the end of fourth quarter 2009, Talbots
operated 580 Talbots brand stores in 46 states, the District of Columbia, and
Canada. Talbots brand on-line shopping site is located at www.talbots.com.

About BPW Acquisition Corp.

BPW Acquisition Corp. is a special purpose acquisition company formed in 2008
for the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or other similar business
combination with one or more operating businesses.

Cautionary Statement and Certain Risk Factors to Consider

In addition to the information set forth in this press release, you should
carefully consider the risk factors and risks and uncertainties included in each
of Talbots` and BPW`s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, as well as in this press release below.

This press release contains forward-looking information.These statements may be
identified by such forward-looking terminology as “expect,” “achieve,” “plan,”
“look,” “believe,” “anticipate,” “outlook,” “will,” “would,” “should,”
“potential,” or similar statements or variations of such terms. All of the
information concerning Talbots` or BPW`s outlook, future liquidity, future
financial performance and results, future credit facilities and availability,
future cash flows and cash needs, and other future financial performance or
financial position, as well as assumptions underlying such information,
constitute forward-looking information. Forward looking statements are based on
a series of expectations, assumptions, estimates and projections about BPW
and/or Talbots, are not guarantees of future results or performance, and involve
substantial risks and uncertainty, including assumptions and projections
concerning liquidity, internal plans, regular-price and markdown selling,
operating cash flows, and credit availability for all forward periods. Business
and forward-looking statements involve substantial known and unknown risks and
uncertainties, including the following risks and uncertainties:

* Talbots` and BPW`s ability to satisfy the conditions to consummation of the
contemplated transactions;
* BPW`s and Talbots` ability to obtain the necessary participation of BPW
warrant holders in the exchange of BPW warrants for Talbots stock or warrants;
* Talbots` ability to satisfy the conditions to the $200 million credit
commitment provided by GE or, failing that, to obtain sufficient alternative
financing on a timely basis;
* the availability of proceeds of the BPW trust account following any exercise
by stockholders of their conversion rights and the incurrence of transaction
expenses;
* the continuing material impact of the deterioration in the U.S. economic
environment over the past two years on Talbots` business, continuing operations,
liquidity, financing plans, and financial results, including substantial
negative impact on consumer discretionary spending and consumer confidence,
substantial loss of household wealth and savings, the disruption and significant
tightening in the U.S. credit and lending markets, and potential long-term
unemployment levels;
* Talbots` level of indebtedness and its ability to refinance or otherwise
address its short-term debt maturities, including all Aeon short-term
indebtedness due April 16, 2010, on the terms or in amounts needed to satisfy
maturities and to address its longer-term liquidity and cash needs, as well as
its working capital, strategic initiatives and other cash requirements;
* any lack of sufficiency of available cash flows and other internal cash
resources to satisfy all future operating needs and other Talbots cash
requirements;
* satisfaction of all borrowing conditions under all Aeon credit facilities
including no events of default, accuracy of all representations and warranties,
solvency conditions, absence of material adverse effect or change, and all other
borrowing conditions;
* risk of any default under Talbots` Aeon credit facilities;
* Talbots` ability to achieve its 2009 financial plan for operating results,
working capital, liquidity and cash flows;
* risks associated with Talbots` appointment of and transition to a new
exclusive global merchandise buying agent and that the anticipated benefits and
cost savings from this arrangement may not be realized or may take longer to
realize than expected, and risk that upon any cessation of the relationship for
any reason Talbots would be able to successfully transition to an internal or
other external sourcing function;
* Talbots` ability to continue to purchase merchandise on open account purchase
terms at existing or future expected levels and with extended payment of
accounts payable and risk that suppliers could require earlier or immediate
payment or other security due to any payment concern or timing;
* risks and uncertainties in connection with any need to source merchandise from
alternate vendors;
* any disruption in Talbots` supply of merchandise;
* Talbots` ability to successfully execute, fund, and achieve supply chain
initiatives, anticipated lower inventory levels, cost reductions, and other
initiatives;
* the risk that anticipated benefits from the sale of the J. Jill brand business
may not be realized or may take longer to realize than expected and the risk
that estimated or anticipated costs, charges and liabilities to settle and
complete the transition and exit from and disposal of the J. Jill brand
business, including both retained obligations and contingent risk for assigned
obligations, may materially differ from or be materially greater than
anticipated;
* Talbots` ability to accurately estimate and forecast future regular-price and
markdown selling, operating cash flows and other future financial results and
financial position;
* the success and customer acceptance of Talbots merchandise offerings;
* future store closings and success of and necessary funding for closing
underperforming stores;
* risk of impairment of goodwill and other intangible and long-lived assets; and
* the risk of continued compliance with NYSE continued listing conditions.

All of the forward-looking statements are as of the date of this press release
only. In each case, actual results may differ materially from such
forward-looking information. Neither Talbots nor BPW can give any assurance that
such expectations or forward-looking statements will prove to be correct. An
occurrence of or any material adverse change in one or more of the risk factors
or risks and uncertainties referred to in this press release or included in
Talbots` and/or BPW`s periodic reports filed with the Securities and Exchange
Commission could materially and adversely affect Talbots` and/or BPW`s
continuing operations and Talbots` and/or BPW`s future financial results, cash
flows, prospects, and liquidity. Except as required by law, neither Talbots nor
BPW undertakes or plans to update or revise any such forward-looking statements
to reflect actual results, changes in plans, assumptions, estimates or
projections, or other circumstances affecting such forward-looking statements
occurring after the date of this press release, even if such results, changes or
circumstances make it clear that any forward-looking information will not be
realized. Any public statements or disclosures by Talbots and BPW following this
press release which modify or impact any of the forward-looking statements
contained in this press release will be deemed to modify or supersede such
statements in this press release.

Important Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote, consent or
approval. Talbots has filed with the SEC, and the SEC has declared effective, a
Registration Statement on Form S-4 containing a Prospectus/Proxy
Statement/Information Statement regarding the proposed merger transaction
between Talbots and BPW. The final Prospectus/Proxy Statement/Information
Statement regarding the proposed merger transaction has been mailed to
stockholders of Talbots and BPW. Talbots has also filed with the SEC, and the
SEC has declared effective, a Registration Statement on Form S-4 containing a
Prospectus/Offer to Exchange and other documents, as required, in connection
with the warrant exchange offer. The Prospectus/Offer to Exchange and related
offer documents have been mailed to warrantholders of BPW. Investors and
security holders are urged to read the Prospectus/Proxy Statement/Information
Statement, the Prospectus/Offer to Exchange, any amendments or supplements
thereto and any other relevant documents filed with the SEC when available
carefully because they contain important information. Investors and security
holders will be able to obtain free copies of the Registration Statements, the
final Prospectus/Proxy Statement/Information Statement, the Prospectus/Offer to
Exchange, any amendments or supplements thereto and other documents filed with
the SEC by Talbots and BPW through the web site maintained by the SEC at
www.sec.gov. In addition, investors and security holders will be able to obtain
free copies of the Registration Statements, the final Prospectus/Proxy
Statement/Information Statement, the Prospectus/Offer to Exchange, and any
amendments or supplements thereto when they become available from Talbots by
requesting them in writing at Investor Relations Department, One Talbots Drive,
Hingham, MA 02043, or by telephone at (781) 741-4500. The documents filed by BPW
may also be obtained by requesting them in writing to Doug McGovern at BPW
Acquisition Corp., 767 Fifth Avenue, 5th Floor, NY, NY 10153, or by telephone at
(212) 287-3200.

The offer by Talbots to exchange all warrants exercisable for shares of BPW
common stock for shares of Talbots common stock and warrants exercisable for
shares of Talbots common stock, subject to the election and proration procedures
set forth in the Prospectus/Offer to Exchange, will only be made pursuant to
such Prospectus/Offer to Exchange, the letter of election and transmittal and
other offer documents initially filed with the SEC on March 1, 2010, as amended
or supplemented. The warrant exchange offer is scheduled to expire at 6:00 p.m.,
New York City time, on April 5, 2010, unless further extended. If the offer is
extended, Talbots will notify the exchange agent for the offer and issue a press
release announcing the extension on or before 9:00 a.m. New York City time on
the first business day following the date the exchange offer was scheduled to
expire.

The Talbots, Inc.
Julie Lorigan
Senior Vice President, Investor and Media Relations
781-741-7775
or
Berns Communications Group
Stacy Berns/Melissa Jaffin – Investor/Media Relations
212-994-4660

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