Talbots closing San Diego store
Classy women's retailer has struggled with losses in recent years
The classy women's clothing brand Talbots Inc. will close its Fashion Valley store around June 10 as part of a nationwide consolidation, leaving only three stores in the county.
A sign outside the Fashion Valley store says that items are at 50 percent to 70 percent off. The fixtures are also for sale. The Westfield UTC and La Jolla stores remain open. There is also a Talbots in The Forum at Carlsbad.
"As part of our previously announced plans to reduce Talbots store base and square footage, we will be closing our Fashion Valley store," said company spokeswoman Julie Lorigan. "We appreciate the San Diego community for its support over the years and we are pleased that our customers will be able to continue to shop with Talbots at our La Jolla and UTC locations or at Talbots.com."
The Hingham, Mass., company is known for its well-made clothing with traditional, breezy, modest designs suitable for a day on Cape Cod or a ladies' lunch. It sells a lot of trench coats, ballet flats, floral dresses and crisp white shirts. The company has struggled recently, with annual losses in three of the past four years. It had to offer steep discounts to move merchandise during the holidays.
This week, the company said it has received a sweetened buyout offer from its largest shareholder, the private equity firm Sycamore Partners, that values the company at about $211 million.
By its most recent count, Talbots operated 517 stores. In December, the company outlined plans for cutting corporate jobs, trimming store employees' hours, and closing a total of 110 stores by the end of 2013. While Talbots is closing underperforming stores, it plans to remodel "premium stores" and expand its premium outlet division.
To save money, the company also suspended its national advertising and TV campaigns, reduced store employees' hours and discontinued a children's line.
Founded in 1947, the retailer's customers are mainly women 35 years old and up.
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