The Talbots, Inc. (TLB) Reaffirms 2008 Outlook; Shares Rebound
Shares of The Talbots, Inc. (TLB) were up more than 5% at $8.29 during Friday’s trading after the women’s clothing retailer reconfirmed 2008 guidance and said it is planning for top-line growth of approximately 3%, enabling the company to have sufficient liquidity to fund the continued turnaround of its business. Friday’s rebound offered much-needed relief for Talbots. Shares plummeted 40% in just two days after the company said two banks would stop providing letters of credit used to back financing for merchandise bought overseas. The company said, however, that its major vendors, which represent approximately 75% of its offshore merchandise…