Talbots Inc. acquaint a fourth-quarter accident from its continuing operations of $136 actor and said that it has accustomed a new $150 actor accommodation from its better shareholder, Japans Aeon Co. Ltd.
The one-year accommodation will be anchored by Talbots acclaim agenda receivables and mortgages on the retailers Hingham address and its Lakeville warehouse. Talbots said it will use the accommodation to pay for alive basic including bell-ringer payments.
Talbots appear absolute sales of $328 actor in the division that concluded on Jan. 31, bottomward 23 percent from $428 actor in the aforementioned division of the antecedent year.
During a appointment alarm Monday, CEO Trudy Sullivan said Talbots turnaround action is starting to pay off.
Our barter are spending beneath overall, but the acceptable account is theyre not alive their spending to added retailers at the aforementioned amount they were, she said.
Sullivan said the aggregation has accustomed bags of belletrist from barter admiring with its acknowledgment to a added bourgeois look. A cardinal acknowledge us for bringing aback Their Talbots, she said.
The fourth-quarter balance account included a onetime allegation of $7.6 actor accompanying to contempo cost-cutting moves, including the aishment of 370 jobs, primarily at the Hingham address and Lakeville warehouse, and the closing of 20 stores. It additionally included a $66 actor allegation accompanying to a change in tax accounting.
Talbots absent $10.3 actor from continuing operations in the aforementioned aeon the antecedent year.
Talbots additionally said it is negotiating with Li & Fung Ltd. of Hong Kong to become its capital all-around sourcing agent. Talbots Chief Operating Officer Michael Scarpa said Li & Fung has amazing calibration and able back-office operations, which could accredit Talbots to abate costs and focus added on design.
Talbots continues its efforts to advertise the Quincy-based J. Jill womens accouterment chain. We accept several absorbed parties actively at work, Sullivan said of the J. Jill sale. Of course, we are not assured of a transaction or timing as such.
Talbots now considers the money-losing J. Jill alternation to be a discontinued operation. When discontinued operations are factored in to the results, Talbots absent $367 actor in the fourth quarter, compared with $171 actor a year ago.
Talbots put J. Jill on the bazaar in November. A top controlling at Aeon, which owns a majority pale in Talbots, ahead said that the companies hoped to acquisition a client for J. Jill by the end of February.
Talbots is bulging a first-quarter sales abatement in the mid-20 percent range. The aggregation did not accommodate budgetary advice for the accomplished year, citation the ambiguous bread-and-er climate.
Steve Adams may be accomplished at [email protected]
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