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Talbots to Close 20 Stores; Updated 2009 Closure Count

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With the report of a weak fourth quarter and fiscal year, women's apparel cataloger/retailer The Talbots on Feb. 5 said it will lay off about 370 employees and close 20 of its stores.

The layoffs, which are expected to save the company about $22 million in fiscal 2009, represent about 17% of its workforce. The company declined to give a breakdown of the staff cuts by division, but senior vice president of investor and media relations Julie Lorigan says Talbots will be reducing staffing levels in its retail stores and call center.

Talbots, which includes women's apparel cataloger/retailer J. Jill, currently operates more than 800 stores in North America. The retailer is also slashing administration, marketing and store operations costs. The cuts are part of a reorganization geared to save about $150 million.

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The announcements so far:

Bankruptcies and Liquidations:

Potential Bankruptcies & Liquidation Impact: 1,085 stores

Announced Closings

Total Closings: up to 679 U.S. stores

Potential Impact of All Announcements to Date: up to 1,764 U.S. stores

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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