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By
Reuters
Published
Feb 18, 2010
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Talbots sees smaller fourth quarter sales drop, amends BPW merger

By
Reuters
Published
Feb 18, 2010

Feb 17 (Reuters) - Talbots Inc (TLB.N) said it expects a smaller sales decline for the fourth quarter as full-price selling boosted its top line, and also amended its merger agreement with BPW Acquisition Corp (BPW.A), a special purpose acquisition company.


Photo: www.thetalbotsinc.com

Talbots, which caters to mature women with sweaters, blazers and other apparel, said it expects sales from continuing operations to decline about 4 percent, better than its previously announced range of down 6 percent to 8 percent.

Direct marketing sales are expected to increase about 11 percent over last year, a result of better demand and lower return rates.

Separately, Talbots also said it agreed to a technical amendment with BPW so as to give greater assurance to BPW shareholders regarding the value of their merger.

To address possible fluctuations in the price of Talbots common stock, the companies have agreed to provide for the application of an alternative exchange ratio to the merger if it is greater than the 0.9757 ratio originally calculated.

In December, Talbots said the purchase of cash-rich BPW will help it reduce its debt by $330 million and also help it buy back the 54 percent stake held in the company by Japan's Aeon Co Ltd (8267.T).

Shares of Talbots were up 4 percent at $11.65 Wednesday 17 February in pre-market trading. They had closed at $11.18 Tuesday 16 February on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Jarshad Kakkrakandy)

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