The Talbots drops as credit dries up
Shares of women’s fashion retailer The Talbots, Inc. (NYSE:TLB) have declined nearly 30% on news before the opening that two banks will no longer provide a total of $265 million in credit. In a filing with the U.S. Securities and Exchange Facilities the Hingham, Mass.-based company said that it will try to secure credit lines with other banks and will resort to using its cash on hand if a new source of financing is not found.
At 12:00 p.m. ET, the stock was off $3.28, or 26%, to $9.57. For detailed price information and recent news stories about The Talbots, click TLB.
