In the face of slumping sales and massive expense reductions, The Talbots Inc. said it would pay its chief executive officer and president Trudy F. Sullivan $1.2 million to offset the recent reductions in her retirement benefits.
According to a regulatory filing with the Securities and Exchange Commission, the Hingham, Mass.-based firm said that, because of the terms of Sullivan’s employment contract, penned in 2007, it was obligated to compensate her for any loss in benefits. As a result, Sullivan will receive six installments of $200,000 over the next six months.
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