Women's specialty retailer The Talbots Inc. on Friday said it completed the terms of its previously announced $50 million credit facility with Aeon Inc.
The new facility with Aeon, a wholly owned subsidiary of Talbots' majority shareholder, Aeon Co. Ltd., supplements the retailer's existing working capital lines of credit of $165 million and brings its total working capital borrowing capacity to $215 million. The facility matures on Jan. 28, 2012.
"While we believe we had suffi cient liquidity to fund our turnaround, this facility represents added assurance and provides us with greater fl exibility as we continue with the implementation of our turnaround plan," chief financial officer and senior vice president Edward Larsen said on Friday at Oppenheimer & Co.'s Consumer Growth Conference in Boston.
Trudy Sullivan, president and chief executive officer, has been working to streamline the brand. "This year is a pivotal point in our turnaround as it represents the first year of a three-year plan to reinvigorate our heritage Talbot's brand and push J. Jill further," Sullivan said at the Oppenheimer conference.
In April, Talbot's stock price dropped when it disclosed that Bank of America and HSBC were pulling their letters of credit.
The retailer said producers of roughly three-fourths of its purchases abroad had agreed to "open-account" terms, giving the store 45 days to make payments.
Earlier this month, Talbots said it would reduce its corporate head count by about 9 percent, producing roughly $14 million in annual savings. The move eliminates a total of 129 positions.
Talbots posted a 69 percent decline in fi rst-quarter earnings, hurt by its kids', men's and U.K. noncore businesses, as well as restructuring costs.
For the three months ended May 3, earnings fell to $1.6 million, or 3 cents a diluted share, from $5.2 million, or 10 cents, in the year-ago period.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)