The Talbots, Inc. is laying off 370 corporate employees, 17% of its office headcount, in a move it says will save the company $22 million in fiscal 2009.
This is part of an overall effort to cut expenses by $150 million, the company said.
In addition, the cataloger and retailer expects to cut an unspecified number of call center and store employees this year to save another $23 million.
Talbots will further reduce expenses though closing stores, cutting out pay increases and contributions to employee benefit plans and making other cuts.
The Hingham, MA firm also said Aeon Co. Ltd., its majority shareholder, has committed to lend it $200 million.
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