Talbots is expected to unveil new management for the classic women's clothing retailer this week after a finalized buyout of the Hingham, Mass.-based company triggered CEO Trudy Sullivan's resignation. Sycamore Partners expected to complete its purchase of the struggling Talbots last week. The New York private equity firm said it completed its tender offer for the classic women's clothing retailer that expired Thursday night and left Sycamore in control of 83.6 percent of Talbots’ outstanding shares.
Hingham, Mass. -- Talbots Inc.’s fourth-quarter loss widened to $53.2 million for the period ended Jan. 28, not as bad as analysts expected, compared to a loss of $2.8 million in the year ago. Its results were pressured by restructuring and executive retirement costs, as well as increased mark-downs and promotions. The chain also forecast first-quarter revenue that missed analysts' expectations. Revenue for the quarter slipped 1% to $289.4 million from $292.6 million, but beat Wall Street's estimate of $267.9 million. Same-store sales were flat. “Our fourth quarter performance reflects an aggressive promotional and markdown strategy in a
Talbots is seeking a new CEO as it works to turn around its struggling business. The retailer said that President and CEO Trudy Sullivan plans to retire as soon as a successor is named.
Talbots is slashing another 100 jobs at its Hingham, Mass. headquarters, abruptly suspending its national advertising campaign, and reportedly looking for new leadership after years of a failed turnaround.
Hingham, Mass. — Talbots posted a bigger-than-expected second-quarter loss on Wednesday, largely due to increased markdowns. The retailer also said that chief creative officer Michael Smaldone has departed the company, effective immediately. Talbots reported a net loss of $37.3 million for the period ended July 30, compared with a profit of $941,000 a year earlier. Revenue fell 10% to $271.1 million from $300.7 million. Same-stores sales fell 10.4%. Talbots said its sales and traffic so far in the third quarter are down and anticipates its high levels of promotions and markdowns will continue. The company’s decision to part ways
Talbots has seen little success in its bid to shed a stodgy image and attract a younger clientele. Now it's back to focusing on its core customers and the move seems to be paying off.