NEW YORK (Thomson Financial) - The Talbots Inc. said it was reducing its
workforce by 9% as part of its long-range cost cutting plan.
The Hingham, Mass. women's apparel retailer said expenses associated with
the job cuts are expected to be $5.9 million, of which $2.1 million was recorded
in the fiscal first quarter. The company expects to record the remaining $3.8
million in expenses in the second quarter.
Talbots said the job cuts will result in annualized savings of about $14
million, which contributes to its coal to cut costs by a minimum of $100 million
by the end of fiscal 2009.
The company said it remains on track to restore profitability from ongoing
core operations beginning in 2008.
The stock closed Wednesday at $7.81.
Tomi Kilgore
tk1
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