It is clear to us that a sale of the company is likely to occur in 2006. With business having improved on the margin, we believe Jill shares could likely command a slight premium to Liz Claiborne's original $18 offer.
In terms of market dynamics, there are many hands in the market share grab. Wal-Mart, Target and department store chains like J.C. Penney and Kohl's will see incremental dollars coming into home furnishing as well.