HINGHAM (CBS) – Talbots revealed Thursday that its planning layoffs and store closures, as the business continues to struggle.

In a quarterly earnings release, the Hingham-based company announced that as part of an effort to save $50 million annually, Talbots is planning to lay off nine-percent of its corporate workforce and cut hours for a number of retail workers.

The release also noted that Talbots posted a $22 million loss over the past three months.

The chain also expects to close approximately 110 locations, including about a dozen-and-a-half consolidations, by 2013.

Trudy F. Sullivan, Talbots President and Chief Executive Officer, says the moves are part of an effort to get the once-successful retailer back on track.

“Going forward, we are focused on product execution, aggressive inventory management, the completion of our new $50 million annualized cost reduction initiative and the ongoing implementation of our store reimage and store rationalization programs as well as the expansion of our upscale outlet business,” Sullivan said in a statement.

Comments (6)
  1. taxedout says:

    More jobs lost!!! Great!!!

  2. Pam says:

    Laying people off while executives continue to stuff their own pockets is not the way to save this business. I believe its a losing game at this point as they continue to suck this company bone dry. Congratulations Trudy on being the unpopular CEO in the country. You could have taken a pay cut to save a few jobs but that I guess greed has taken over.

  3. Marion M says:

    All they do is continue to tout the same old tired “turn around” plan that never materializes…….you’ve lost me and most other folks I know that use to shop there. Severely over priced, poor quality clothing is not the way to turn this company around. It seems me all they’re really interested in is feathering their own nest eggs. What a shame. I think its too late for this turn around plan that never seems to happen.

  4. Fred Spinelli says:

    Talbots CEO Trudy Sullivan is not only grossly incompetent, she is, by virtue of these Christmastime layoffs, a monstrous human being!

  5. treenie says:

    Talbots lost me when their quality of clothing went down and their prices stayed high. I only shopped sales, but now i don’t even shop sales. Their clothes do not appeal to me anymore and i was a very loyal customer for many years. Now I go to Nordstroms and have a personal shopper for free. I just give her a call, show up, try on the outfits she has put together, and I’m out of the store. And the clothes she picks out for me are very reasonably priced.

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