Beleaguered women’s apparel company Talbots informed its employees at the San Luis Obispo store recently that it would be closing the downtown location in the Court Street shopping center.
The move is one of many the struggling retailer is making in an effort to improve its fiscal health.
The company will close about 110 stores in total, through fiscal 2013. More than 80 stores are expected to close in 2011, 25 store closures are planned for 2012, and two stores are planned to close in 2013.
“I cannot comment on that specific location (San Luis Obispo), but the majority of the closings will come from lease expirations and the exercise of lease termination rights as part of our restructuring plan,” said Danna Tito, investor relations analyst for Talbots.
The company has seen declining sales for the last several years. In September, The Talbots Inc., reported a second-quarter operating loss of about $34 million, compared to prior year’s operating income of $8.7 million.
Net sales also decreased 9.9 percent to $271.1 million, compared to $300.7 million in the same period last year.
By its most recent count, Talbots operated 549 stores in the United States, in 46 states and 17 in Canada. According to the Talbots website the company has more than 12,000 employees.
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