Talbots Trims 20% More Staff, Reports Loss

Talbots (TLB Quote) plans to cut headcount by an additional 20% in an effort to trim costs as the women's apparel retailer swung to a first-quarter loss on a steep drop in sales.

Talbots said Tuesday the job cuts across all company locations will put it closer to its goal of saving $150 million. The latest round of cuts will save $21 million annually.

The company reported a first-quarter loss of $23.6 million, or 44 cents a share, a swing from year-earlier net income of $1.6 million, or 3 cents a share. On a continuing operations basis, the loss in the quarter, including restructuring and impairment charges, was $18.8 million, or 35 cents a share, compared with year-earlier earnings of $18.5 million, or 35 cents a share. ...