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Talbots swings to profit in Q1, but cuts outlook
Hingham, Mass. -- The Talbots reported Tuesday that first-quarter profit was $739,000, compared with a loss of $4.4 million in the year-ago period. However, net sales dropped 6% to $301.3 million, compared with $320.7 million in the same period last year, and consolidated same-store sales decreased 7.7%.
Results missed Wall Street estimates and the company has lowered its second quarter outlook.
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Borders EVP, chief merchant resigns
ANN ARBOR, Mich. -- Borders Group executive VP and chief merchandising officer Michele Cloutier has resigned, Borders said in a late afternoon Friday filing with the U.S. Securities and Exchange Commission.
It is the latest in a string of high-level departures from the bookseller as it struggles to emerge from bankruptcy protection.
On Thursday, the company received a deadline extension until mid-October to file a plan to restructure. An attorney for Borders said parts of the company could be sold in as quickly as two weeks.
