Talbots to Cut 370 Jobs at Headquarters

Retail chain Talbots will eliminate 370 jobs, 17% of the company’s work force, in a $150 million cost-cutting effort triggered by the slump in consumer spending.

Hingham, Massachusetts-based Talbots said the cuts would result in about $22 million in savings for fiscal 2009.

The cuts will occur at its corporate locations in Massachusetts. It will also close 20 under-performing stores and suspend its matching contributions to its 401(k) plan.

Talbots plans to reduce store hours nationwide.