Talbots to Close 20 Stores

Hingham, Mass. On the heels of its March 12 report that it experienced a 4Q net loss of $171 million, Talbots Inc. announced Monday that it plans to close 20 underperforming stores in 2008. The company has not yet publicly identified the stores that will close.

Talbots said it had slowed its growth plans for the year as the company struggled.

The news of the 20-store closing comes after an announcement earlier this year that it would shutter 78 Talbots Kids and Mens clothing stores by September.

Trudy F. Sullivan, Talbots president and CEO, said in a statement that the company saw 2008 as a transition year, and that it would focus on new merchandise, better inventory management and tighter cost structure.