Talbots to Close Men’s, Kids Stores
Retailer Talbots is closing its kids and men’s businesses and instead plans to focus on its core shoppers: Women over 35.
A strategic review of the company’s overall business plan that began in October found that Talbots’ men’s and children’s clothing lines didn’t “demonstrate the potential to deliver acceptable long-term return on investment,” the company said.
Talbots will close 78 stores and cut about 800 jobs. That will reduce annual sales by about $100 million and increase earnings by $13 million to $15 million, the company said.
“By exiting these concepts, we can focus exclusively on our company’s core strength—the age 35 plus female market, where we believe there is significant opportunity for profitable growth in both our Talbots and J. Jill brands,” Trudy F. Sullivan, Talbots president and CEO, said in a statement.
Talbots’ core business include Talbots Misses, Petites, Womans, Collection, Accessories & Shoes and J. Jill Missy, Petites and Womans.
The full review is expected to be complete by the end of the first quarter.
The company operates 1,428 stores in 47 states, Canada and the U.K. Of that, 1,157 stores are under the Talbots brand and 271 stores feature the J. Jill brand name.
