The Talbots Inc. said Wednesday it has slowed its growth plans for this year and will close about 20 underperforming Talbots brand stores in light of the economic challenges to the company.
The news comes on the heels of Talbots' previous announcement that it will shut 78 Talbots kids and men's stores, and the company's preliminary year-end and fourth-quarter earnings.
The Hingham, Mass.-based specialty retailer (NYSE: TLB) of women's classic fashions reported a $171 million loss in sales for the fourth quarter in 2007, which ended Feb. 2, 2008. Sales for the full year 2007, however, increased 2.5 percent to $2.289 billion, up from $2.231 billion in 2006.
Talbots operates a Wichita store, in Bradley Fair at 21st St. North and Rock Road.
The news comes on the heels of Talbots' previous announcement that it will shut 78 Talbots kids and men's stores, and the company's preliminary year-end and fourth-quarter earnings.
The Hingham, Mass.-based specialty retailer (NYSE: TLB) of women's classic fashions reported a $171 million loss in sales for the fourth quarter in 2007, which ended Feb. 2, 2008. Sales for the full year 2007, however, increased 2.5 percent to $2.289 billion, up from $2.231 billion in 2006.
Talbots operates a Wichita store, in Bradley Fair at 21st St. North and Rock Road.
Talbots Incorporated plans to close 20 of their stores that have been doing poorly with sales-- a lesser amount than they previously announced. The CEO claims that 2007 was a difficult year for Talbots financially and that the company will focus on transitioning and repairing in 2008 as part of a 3 year project. In 2008, they plan to open only 48 stores versus the 75 stores opened in 2007.
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