Hingham-Based Talbots Plans To Cut Jobs, Close 110 Stores

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.