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Women's apparel retailer Talbots reconfirms 2008 EPS outlook
11
Jun '08
The Talbots Inc announced that Aeon Co Ltd, which through its wholly owned subsidiary is the majority shareholder of The Talbots Inc, has agreed to provide to the Company a $50 million unsecured subordinated working capital term loan credit facility to support its turnaround plan, maturing January 28, 2012.

This proposed new $50 million credit facility would supplement the Company's currently existing working capital lines of credit of $165 million. This new credit facility would increase the Company's total working capital borrowing capacity to $215 million.

Talbots President and Chief Executive Officer, Trudy F. Sullivan, said, "Talbots delivered a solid first quarter performance, despite the broader macroeconomic issues facing retailers today. We are also currently experiencing improving sales trends at both our brands and remain on track to achieve our previously announced outlook for earnings per share from ongoing core operations for fiscal 2008.

While we believe we had in place sufficient liquidity to fund the turnaround of our business, this new credit facility will provide us with an additional level of assurance and even greater flexibility to weather the current uncertainty in the credit markets. We appreciate Aeon's demonstration of confidence in our strategic plan and in our ability to successfully execute it."

On behalf of Aeon, Mr. Tsutomu Kajita, Senior Vice President, International Operations for Aeon Co., Ltd. and a member of the Talbots Board of Directors since 2005 commented, "This commitment of a new credit facility underscores our confidence in Talbots management team and the Company's turnaround plan previously approved by the Board of Directors, which is already showing positive signs of success."


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