Talbots to cut corporate staff by 9%

HINGHAM, Mass. Talbots said it is reducing its corporate staff by about 9% as part of its efforts to streamline operations and rationalize its cost structure. The company expects this action to result in estimated annualized cost savings of approximately $14 million, which contributes to the company’s goal to reduce its cost structure by a minimum of $100 million by the end of fiscal 2009 (as announced on Feb. 6).

Trudy Sullivan, president and ceo of Talbots, said, “A key finding of our strategic review completed in the first quarter of 2008 was the need to realign and streamline internal company functions to enable the successful execution of our long-range plan. We therefore are examining all areas of our business to maximize efficiency and drive overall improved productivity. We are making excellent progress in achieving all of the objectives laid out in our strategic long-range plan and are firmly on track to restore profitability from our ongoing core operations and deliver enhanced shareholder value beginning in 2008.”