Talbots Posts $171 Million Loss

The Talbots Inc. posted net loss of $171 million for the fourth quarter compared to net income of $28,000 in the prior year.

The Hingham, MA firm reported sales of $587 million for the quarter ended Feb. 2, a decrease from $638 million last year.

The firm posted direct marketing sales of $113 million for the quarter , a decrease from $114 million in the prior year.

The company said it has slowed its growth plans for this year and will close about 20 underperforming Talbots brand stores in a cost-cutting move.

The news comes on the heels of Talbots' previous announcement that it will shut 78 Talbots kids and men's stores.