Talbots Halts Dividend

Talbots (TLB: 11.49 -1.46%) announced today that they are suspending their quarterly dividend payment.

 

Previously, the company was paying a quarterly dividend of $.13 per share with a dividend yield of 20.5%.

 

The company expects to save $29 million by suspending the dividend payment.

 

“During these extraordinarily challenging times, it’s essential that we take these difficult yet necessary measures to conservatively manage our business,” said Trudy F. Sullivan, Talbots President and Chief Executive Officer.

 

After falling 18% yesterday, Talbot’s shares were up 11.5% in mid-day trading to $2.32.

 

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