Divestitures and cutbacks are the name of the game at The Talbots Inc. and Charming Shoppes Inc.
As both chains reported losses for the third quarter, Talbots unveiled a cost-reduction plan to shave $50 million in annualized savings for fiscal-year 2012. The initiative, which includes a 9 percent head-count reduction at headquarters, is across all areas of the business. The plan includes a reduction in marketing spend, which incorporates a suspension of national advertising and television campaigns in the near term. It also includes payroll adjustments impacting the composition of its store workforce and the reduction of store payroll hours, as well as logistics expense rationalization that will align with the expected reduction in planned inventory commitments for 2012.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"