Struggling Talbots is shopping again for new leader

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Ailing Talbots Inc. yesterday confirmed it is hunting for a new chief executive to replace Trudy F. Sullivan, who has failed to revive the troubled Hingham brand after arriving from Liz Claiborne more than four years ago. The news came just days after Talbots reported another disappointing quarter of losses and unveiled a $50 million cost-cutting initiative. Sullivan plans to step down no later than June 2012, and signed a separation agreement on Sunday that calls for a cash severance of $5,000,000.

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