The Talbots, Inc. announced today agreements that in aggregate will reduce Talbots debt by approximately $330 million, provide access to a new secured debt facility, and re-establish the Company with a strong financial profile as it embarks on the next stage of growth.
“This is an exciting time for Talbots as these transactions will create a stronger company with a solid financial foundation and a sharp focus on its future goals and opportunities,” said Trudy F. Sullivan, Talbots President and Chief Executive Officer. “Today we reported very positive third quarter financial results and a return to profitability after undertaking a significant operational turnaround. Over the past two years we reinvigorated the brand, re-engineered our supply chain, divested non-core businesses, and streamlined our cost structure to address both competitive and market pressures. With a stronger and more flexible balance sheet and capital structure, we will have completed another key milestone in our transformation and will be well positioned for future growth and value creation for all our stakeholders.”
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The Talbots, Inc. is a leading specialty retailer and direct marketer of women’s apparel, shoes and accessories. At the end of third quarter 2009, the Company operated 589 Talbots brand stores in 46 states, the District of Columbia, and Canada.
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