Talbots Inc., a women’s clothing retailer known for classic styles, said it failed to reach an agreement to be acquired by Sycamore Partners for $215 million within its exclusivity period.

Sycamore, New York-based private equity firm, isn’t prepared to make a transaction at this time, Hingham-based Talbots said in a statement. The most recent offer was for $3.05 a share.