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.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)