Talbots to close 20 more stores in 2008
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.
It is not known what, if any, St. Louis locations are affected by these closings. A Talbots spokeswoman did not immediately return a call seeking comment.
The news comes on the heels of Talbots' January announcement that it will shut 78 Talbots Kids and Mens stores by September resulting in the shutdown of three St. Louis area stores. The Talbots Kids and Talbots Mens stores in Plaza Frontenac and the Talbots Kids store in Chesterfield were affected by that announcement.
The Talbots Misses store in Fairview Heights, Ill., the Talbots Misses store in Chesterfield, and the Talbots Woman store and Talbots Petites & Accessories stores located in Plaza Frontenac were not included in the initial round of store closings.
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. Sales for the full year 2007, however, increased 2.5 percent to $2.289 billion, up from $2.231 billion in 2006 payday loans.
Same-store sales, a key economic indicator for retailers, decreased 6 percent for the fourth quarter; same-store sales fell 5.5 percent for the full year, 2007 over 2006.
Trudy F. Sullivan, Talbots president and CEO, said in a statement that 2007 was a difficult year and that 2008 will be "a year of transition, as it represents the launch of a three-year initiative to strengthen and grow the business. As such, we will acutely focus on the successful execution of our Talbots brand core strategy, which includes the roll-out of more compelling merchandise assortments beginning in the fall season, significantly improved inventory management, and a tighter cost structure."
Talbots announced it plans to open 27 Talbots brand stores and 19 J. Jill brand stores for a total of 46 new stores in fiscal 2008 compared to 75 new store openings in fiscal 2007. The company is planning for total consolidated direct marketing sales to grow in the mid-single digit range.