The Talbots Inc. is reducing its corporate headcount by approximately 9% as part of a strategic long-range plan to streamline operations and rationalize cost structure.
The cuts are taking place across multiple locations and at all levels. The company expects this action to result in estimated annualized cost savings of approximately $14 million.
“A key finding of our strategic review completed in the first quarter of 2008 was the need to realign and streamline internal company functions to enable the successful execution of our long-range plan,” said Trudy Sullivan, president and CEO at Talbots, in a statement.
The cuts announced today include COO Philip Kowalczyk, who will leave the company in early July. His responsibilities will be absorbed by other executives of the company as part of the realignment.