Talbots to close 75 to 100 stores
Hingham, Mass.-based women's clothing retailer Talbots (NYSE:TLB) said it will shutter 75 to 100 stores over three years after cutting its full-year and third-quarter revenue forecasts. For the third quarter, the retailer anticipates a revenue decline in the low single digits. Previously, it predicted a low single digits increase in revenue. Talbots expects an increase of about 1 percent for the full year, down from previous predictions. By the end of the second quarter, the retailer had 580 stores. The company says the closings will be done by allowing some leases to expire and not renewing others.