Talbots Fires Its Creative Chief, Posts Massive Losses

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Talbots Inc. has fired its chief creative officer, Michael Smaldone, in the wake of second-quarter losses of $37.3 million, or 9.9 percent. It's also closing 110 of its 556 stores by the end of next year. CEO Trudy Sullivan says that she'll assume Smaldone's duties until a new creative leader is named. [WWD]