Talbots Names Lesli Gilbert SVP of Stores

HINGHAM, Mass.--(BUSINESS WIRE)--The Talbots, Inc. (NYSE: TLB) today announced that it has named Lesli Gilbert Senior Vice President of Stores, effective June 27, 2011. In this role, Ms. Gilbert will be responsible for overseeing all aspects of Talbots core retail operations in the U.S. and Canada, as well as supporting the implementation of the Company’s store reimage and rationalization programs. She will report directly to Trudy F. Sullivan, President and Chief Executive Officer of the Talbots, Inc.

Ms. Gilbert brings more than 20 years of retail industry experience to Talbots, with extensive expertise in store operations. She joins Talbots from T-Mobile, USA, where she served as Regional Vice President East and was responsible for the operation and profitability of the company’s highest volume retail region, generating approximately $1.5 billion in annual revenue, as she grew the region from approximately 280 stores to greater than 580 points of distribution including inline, street, and mall and kiosk locations. Prior to this, Ms. Gilbert was Senior Director of Sales and Customer Experience at GAP, Inc. Previously, she held senior level store operations positions at Charlotte Russe, Discover Channel Stores and Sunglasses Hut International. Ms. Gilbert began her career as Store Sales Manager at The Limited, where she was a top performer throughout her nine year tenure.

Ms. Sullivan commented, “We are extremely pleased to welcome Lesli to Talbots. She is a seasoned retail executive with a proven track record of success and a strong history of accomplishments. I am confident that Lesli’s skill set and extensive experience overseeing sales, operations, communications, training and customer service will be an immediate asset as we continue to pursue our key initiatives. We look forward to her contributions as we accelerate our store reimage and store rationalization programs and continue to focus on enhancing execution and productivity at the store level.”

About The Talbots, Inc.

The Talbots, Inc. is a leading specialty retailer and direct marketer of women’s apparel, shoes and accessories. At the end of the first quarter 2011, the Company operated 568 Talbots stores in 46 states and Canada. Talbots brand on-line shopping site is located at www.talbots.com.

Cautionary Statement and Certain Risk Factors to Consider

In addition to the information set forth in this press release, you should carefully consider the risk factors and risks and uncertainties included in this Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as in this press release below.

This press release contains forward-looking information within the meaning of The Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “target,” “look,” “projected,” “believe,” “anticipate,” “outlook,” “will,” “would,” “should,” “potential” or similar statements or variations of such terms. All of the information concerning our strategic initiatives and short term and longer term financial expectations, future liquidity, future financial performance and results, future credit facilities and availability, future cash flows and cash needs, and other future financial performance and expectations or financial position, as well as our assumptions underlying such information, constitute forward-looking information. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about the Company, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions and projections concerning our achievement of our strategic plan and existing and future initiatives, liquidity, internal plan, regular-price and markdown selling, operating cash flows, and credit availability for all forward periods. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including the following risks and uncertainties:

• the continuing material impact of the volatility in the U.S. economic environment and global economic uncertainty on our business, continuing operations, liquidity, financing plans, strategic and operating initiatives and financial results, including substantial negative impact on consumer discretionary spending and consumer confidence, substantial loss of household wealth and savings, the disruption and significant tightening in the U.S. credit and lending markets and potential long-term unemployment levels;
• the ability to achieve our 2010-2013 strategic plan;
• the risk in successfully implementing and achieving the benefits of store segmentation, store reimage, store rationalization, and all other existing and future initiatives in the periods or at the levels expected;
• the risk in timely responding to changes in customer preferences and customer buying patterns;
• risks associated with upscale outlets initiatives and roll-out;
• the ability to accurately estimate and forecast future regular-price and markdown selling, operating cash flows and other future financial results and financial position;
• the satisfaction of all borrowing conditions under our credit facility including accuracy of all representations and warranties, no events of default, absence of material adverse effect or change and all other borrowing conditions;
• any lack of sufficiency of available cash flows and other internal cash resources to satisfy all future operating needs and other cash requirements;
• the ability to access on satisfactory terms, or at all, adequate financing and sources of liquidity necessary to fund our continuing operations and strategic initiatives and to obtain further increases in our credit facilities as may be needed from time to time;
• the impact of the current regulatory environment and financial systems reforms on our business, including new consumer credit rules;
• the success and customer acceptance of our merchandise offerings;
• the risks associated with our appointment of an exclusive global merchandise buying agent, including that the anticipated benefits and cost savings from this arrangement may not be realized or may take longer to realize than expected; and the risk that upon any cessation of the relationship, for any reason, we would be unable to successfully transition to an internal or other external sourcing function;
• the ability to continue to purchase merchandise on open account purchase terms at existing or future expected levels and with acceptable payment terms and the risk that suppliers could require earlier or immediate payment or other security due to any payment concerns;
• the risks and uncertainties in connection with any need to source merchandise from alternate vendors;
• any impact to or disruption in our supply of merchandise including from any current and any future increased political or other unrest in various Asian countries which are our sources of merchandise supply or any other disruption in our ability to adequately obtain alternate merchandise supply as may be necessary;
• the ability to successfully execute, fund and achieve the expected benefits of supply chain initiatives, anticipated lower inventory levels, cost reductions and all current and future strategic initiatives;
• any significant interruption or disruption in the operation of our distribution facility or the domestic and international transportation infrastructure;
• the risk that estimated or anticipated costs, charges and liabilities to settle and complete the transition and exit from and disposal of the J. Jill business, including both retained obligations and contingent risk for assigned obligations, may materially differ from or be materially greater than anticipated;
• any future store closings and the success of and necessary funding for closing underperforming stores;
• the ability to reduce spending as needed;
• any negative publicity concerning the specialty retail business in general or our business in particular;
• the risk of impairment of goodwill and other intangible and long-lived assets; and
• the risks and uncertainties associated with the outcome of litigation, claims, tax audits, and tax and other proceedings and the risk that actual liabilities, assessments and financial impact will exceed any estimated, accrued or expected amounts or outcomes.

All of our forward-looking statements are as of the date of this press release only. In each case, actual results may differ materially from such forward-looking information. The Company can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of or any material adverse change in one or more of the risk factors or risks and uncertainties referred to in this press release or included in our periodic reports filed with the Securities and Exchange Commission could materially and adversely affect our continuing operations and our future financial results, cash flows, prospects, and liquidity. Except as required by law, the Company does not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances affecting such forward-looking statements occurring after the date of this release, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by us following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release.