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Talbots extends deal with Sycamore

NEW YORK - Talbots Inc. extended its exclusivity agreement with Sycamore Partners LP for one week as it considers the private-equity firm’s $215 million buyout offer.

The exclusivity period with Sycamore now will expire on May 22, the company based in Hingham, Mass., said Tuesday.

Sycamore’s most recent offer was for $3.05 a share.

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Talbots is trying to snap seven straight quarters of year-over-year sales declines after its attempt to draw younger customers alienated its longtime shoppers.

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The company said this month that it was considering the offer after rejecting a previous bid of $3 a share as “substantially’’ undervaluing it.

The shares fell 0.8 percent to $2.38 at the close in New York.

Talbots has dropped 11 percent this year.