Talbots to Exit Businesses

Talbots Inc. announced an exit from its Kids and Mens concept shops as well as lower-than-expected sales for its namesake and J. Jill chains.

The closures will result in the loss of 78 stores and 5% of its total work force by September and is a part of a strategic business review announced in October that is expected to end in the first quarter of this year.

Shares fell in premarket to $10 from Thursday's close of $10.68.

The women's retailer said that while it expects total revenue to drop $100 million on an annualized basis due to the cutbacks, the move should boost earnings by $13 million to $15 million, or 15 cents to 18 cents a share, on an annualized basis.

Read Full Article from Wall Street Journal

- Posted: 2008-01-04 09:15:47

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