Talbots cuts revenue outlook, sets store closings
HINGHAM -- Talbots Inc. is cutting its full-year and third-quarter revenue forecasts and says it will close about 75 to 100 stores by the end of 2013.
The news sent shares of the women's clothing company down $1.29, or 10 percent, to $11.25 in premarket trading Tuesday.
Talbots now expects a fiscal 2010 revenue increase of about 1 percent. It previously predicted a rise in the low single digits. For the third quarter, the retailer anticipates a revenue decline in the low single digits. It previously forecast a low-single digits revenue increase.
The store closings will be done by allowing leases to expire and not renewing others. At the end of the second quarter, Talbots had 580 of its namesake stores.
The photo with this post was taken from Talbots' website.