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:
- Jan. 7, Goody's liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores
- Jan. 16, Circuit City to Liquidate, closing 567 stores
- Feb. 6, Fortunoff, operates 20 stores
- Feb. 6, Bruno's, operates 66 stores
Potential Bankruptcies & Liquidation Impact: 1,085 stores
Announced Closings
- Jan. 8, New York & Co., 50 stores
- Jan. 8, Macy's, 11 stores
- Jan. 9, Supervalu, 50 stores
- Jan. 13, Cost Plus, 26 stores
- Jan. 20, Yankee Candle, 28 Illuminations stores
- Jan. 21, Filene's Basement, 11 stores
- Jan. 22, Phillips-Van Heusen, 175 stores
- Jan 22, Brown Shoe, up to 35 Famous Footwear stores
- Jan. 26, Home Depot, 48 stores
- Jan. 29, Starbucks, 200 U.S. Stores (plus 100 international)
- Jan. 29, Chico's, up to 25 stores
- Feb. 9, Talbots, 20 stores
Total Closings: up to 679 U.S. stores
Potential Impact of All Announcements to Date: up to 1,764 U.S. stores