Talbots is a leading national specialty retailer and cataloger of women's, children's and men's classic apparel, shoes and accessories. The Company currently operates 921 stores - 476 Talbots Misses stores, including 20 Talbots Misses stores in Canada and five Talbots Misses stores in the United Kingdom; 250 Talbots Petites stores, including two Talbots Petites stores in Canada; 41 Talbots Accessories & Shoes stores; 62 Talbots Kids stores; 65 Talbots Woman stores, including one Talbots Woman store in Canada; three Talbots Mens stores and 24 Talbots Outlet stores.

http://www.thetalbotsinc.com

Talbots Reports First Quarter 2009 Results 
Company Takes Additional Expense Actions and Now Expects $125 Million Cost Savings in Fiscal 2009
HINGHAM, Mass.--(BUSINESS WIRE)--Jun. 9, 2009-- The Talbots, Inc. (NYSE:TLB) today announced results for the first quarter ended May 2, 2009. The Company also announced that as part of its strategic long-range plan to streamline operations and rationalize its cost structure, it has taken additional actions to reduce its corporate headcount, moving the Company closer to achieving its goal of $150 million in expense savings. 
On a reported (GAAP) basis, first quarter net loss from continuing operations was $18.8 million or $0.35 per share, including restructuring and impairment charges of $6.4 million, or $0.12 per share, compared to last year’s net income of $18.5 million or $0.35 per share for the thirteen week-period ended May 3, 2008, including restructuring and impairment charges of $3.8 million or $0.07 per share. 
Also included in the Company’s first quarter net loss from continuing operations is a tax benefit in the amount of $10.6 million or $0.20 per share. In accordance with SFAS No.109, paragraph 140, the Company allocated a tax benefit to its loss from continuing operations, offset by a tax provision of an equal amount charged to other comprehensive income, a component of shareholder equity. 
On an adjusted basis, including the tax benefit and excluding restructuring and impairment charges, the Company’s first quarter net loss from continuing operations was $12.4 million or $0.23 per share, compared to last year’s net income of $22.3 million or $0.42 per share on a comparable basis. 
Total sales from continuing operations for the thirteen weeks ended May 2, 2009 were $306.2 million compared to last year’s sales of $414.8 million. Retail store sales for the thirteen weeks were $256.4 million compared to $345.1 million last year. Comparable store sales declined 26.9% for the thirteen week period. 
Direct marketing sales for the thirteen-week period were $49.8 million, including catalog and Internet, compared to $69.7 million last year. 
Trudy F. Sullivan, Talbots President and Chief Executive Officer, commented, “We are making steady progress in implementing our strategic initiatives to better position our company for long-term success. This includes the announced signing of an asset sale agreement for J Jill, the opening of eight upscale outlet stores, and additional actions that will further contribute to achieving our goal of $150 million in annualized cost reduction.” 
“Looking at our first quarter results, sales remained difficult and while in-line with our expectations, we are not satisfied. We did have a substantial rebound in merchandise margin from the fourth quarter, and believe our merchandise assortments are getting stronger in our key item categories, including casual knits, sweaters, pants and accessories. That said, we are working quickly to incorporate our learnings and make the appropriate adjustments to our overall merchandise mix. Inventories remained tightly managed and we ended the quarter down 21% per square foot compared to first quarter last year.” 
Progress on $150 Million Expense Reduction Program 

Talbots Signs Definitive Agreement for Sale of J. Jill Assets
Golden Gate Capital to Acquire J. Jill for Approximately $75 Million
HINGHAM, Mass.--(BUSINESS WIRE)--Jun. 8, 2009-- The Talbots, Inc. (NYSE:TLB) today announced that it has signed a definitive agreement to sell substantially all of the J. Jill brand assets to Jill Acquisition, LLC, an affiliate of Golden Gate Capital, a San Francisco-based private equity investment firm, for approximately $75 million, subject to certain post-closing adjustments. 
“This is a significant strategic step forward for Talbots as it enables us to focus our time, resources and attention exclusively on rejuvenating our core Talbots brand and return to profitable growth,” said Trudy F. Sullivan, Talbots President and Chief Executive Officer. “Paula Bennett and her team have made tremendous progress in improving the J. Jill brand merchandise and its creative presentation across all channels of business. We are confident that Golden Gate Capital will be an excellent partner to help J. Jill achieve its true long-term potential.” 

Talbots Reports Fourth Quarter and Fiscal Year 2008 Results 
Company Announces New $150 Million Secured Revolving Loan Facility
HINGHAM, Mass.--(BUSINESS WIRE)--Apr. 13, 2009-- The Talbots, Inc. (NYSE:TLB) today announced results for the fourth quarter and fiscal year ended January 31, 2009. Talbots also announced that Aeon Co., Ltd., which through its wholly owned subsidiary is the Company’s majority shareholder, has provided Talbots a new $150 million secured revolving loan facility. This new loan supplements the Company’s existing $215 million committed working capital facilities. The Company also announced that it is in discussions and has signed a non-binding letter of intent with Li & Fung Limited, the global sourcing and trading firm based in Hong Kong, to mutually explore a potential relationship for Li & Fung Limited to become Talbots primary global sourcing agent. 
Fourth quarter net loss from continuing operations was $136.3 million or $2.55 per share, including special items, compared to last year’s net loss of $10.3 million or $0.19 per share. Special items include: 
Total restructuring charge of $7.6 million, or $0.14 per share, the vast majority of which is severance related to the Company’s recent downsizing; 
Non-cash charge of $0.3 million, or $0.01 per share, related to asset impairments. 
Excluding these special items, the Company’s fourth quarter adjusted net loss from continuing operations was $128.4 million or $2.40 per share compared to last year’s adjusted net loss of $7.1 million or $0.13 per share on a comparable basis. 
Also included in the Company’s fourth quarter net loss from continuing operations was a non-cash charge of $66.0 million or $1.23 per share related to a valuation allowance against net deferred tax assets as required under SFAS No.109, “Accounting for Income Taxes.” 
Fiscal year 2008 net loss from continuing operations was $144.5 million or $2.70 per share, including special items, compared to last year’s breakeven net income per share. Special items include: 
Total restructuring charge of $17.8 million, or $0.33 per share, including severance and professional consulting fees; 
Non-cash charge of $2.8 million, or $0.05 per share, related to asset impairments. 
Excluding these special items, the Company’s fiscal year 2008 adjusted net loss from continuing operations was $123.9 million or $2.32 per share compared to last year’s net income of $0.3 million or $0.00 per share on a comparable basis. 
Also included in the Company’s full year net loss from continuing operations was a non-cash charge of $66.0 million or $1.23 per share related to a valuation allowance against net deferred tax assets as required under SFAS No.109, “Accounting for Income Taxes.” 
Trudy F. Sullivan, Talbots President and Chief Executive Officer, commented, “Our fourth quarter results were affected by the steep decline in consumer spending resulting from the deterioration in U.S. economic conditions. We are, however, proud of the bold actions we are taking not just to adjust to the economic downturn, but to do so in a way that positions the Company to be stronger and better when the recovery occurs. Our priority during these difficult times will continue to be addressing those areas within our control, including streamlining our business and tight management of our costs and inventory, while continuing with an acute focus on those measures which improve our cash flow and liquidity.” 
“As such, we greatly appreciate Aeon’s ongoing financial support and confidence in the overall strategic direction of our Company. With the addition of this new $150 million revolving loan facility, we have significantly added to our liquidity, which will help us navigate through these most turbulent times, and to further support the implementation of our long-range plan designed to reinvigorate our brand and return Talbots to profitable growth.” 

Talbots Reports Third Quarter 2008 Sales Results 
Company to Focus on Core Talbots Business and Pursue Sale of J. Jill Brand
HINGHAM, Mass.--(BUSINESS WIRE)--Nov. 6, 2008--The Talbots, Inc. (NYSE: TLB) today announced third quarter sales for the thirteen weeks ended November 1, 2008. The Company also announced that it will focus on its core Talbots business and is pursuing the sale of its J. Jill brand.
Trudy F. Sullivan, President and Chief Executive Officer of The Talbots, Inc., commented, "We have made great strides in reenergizing the Talbots brand and are encouraged by both our existing and lapsed customers' response to our product and marketing efforts. In light of the current macro-economic environment, we therefore feel it is a strong move to focus solely on executing the successful turnaround of our core brand. While we have made solid progress in improving the J. Jill brand's operation, we have made the strategic decision to pursue its sale."
With the Talbots brand greater than 60-year heritage and exceptionally loyal customer base, the Company is confident it can maintain its strong positive cash flow by redirecting all of its resources and capital towards its core Talbots Misses, Petites, Womans, Collection, and Accessories & Shoes concepts. The Company believes that this exclusive focus on the Talbots brand can generate significant return on investment and drive long-term increased shareholder value.
Talbots Reports Third Quarter and Year-to-Date Sales Results
Operating results of its J. Jill brand will be reclassified as discontinued operations for the third quarter of fiscal 2008 and all prior periods. In addition, during the third quarter the Company completed the closedown of its Talbots Kids, Mens and U.K. operations and those operations will also be reclassified to discontinued operations for the third quarter of fiscal 2008 and all prior periods. Therefore, the following financial results reflect continuing operations of the Talbots Missy, Petites, Womans, Collection and Accessories and Shoes concepts only.
Talbots reported total sales for the thirteen weeks ended November 1, 2008 of $357 million, versus last year's sales of $414 million. Retail store sales were $303 million compared to $345 million last year.
Comparable store sales for the Talbots brand declined 13.9% for the thirteen-week period.