By  on February 5, 2009

The Talbots Inc. reached a deal for $200 million in financing and said it would eliminate roughly 370 jobs, or 17 percent of its corporate-level workforce, as well as close about 20 stores.

The company also disclosed that sales in the fourth quarter ended Jan. 31 fell 23.4 percent to $328 million from $428 million a year ago.

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