Consumer Minute: Talbots, GM, Hasbro

Talbots
The New-Bedford Standard Times reports that Massachusetts-based clothing store Talbots has laid off 120 employees from its distribution center in Lakeville.

That’s nearly a quarter of the workforce at that location.  The layoffs are part of an overall effort to cut costs.  Talbots announced it was eliminating a total of 370 corporate level jobs.

Hasbro
Profits are down 30 percent for Pawtucket based Hasbro The firm released its quarterly earning report Monday.  Poor sales forced Hasbro to cut prices on many toys because of a sluggish holiday season.

Job Loss
10,000 more workers at General Motors are losing their jobs. The automaker says it will reduce the total number of salaried workers from 73,000 down to 63,000, this year most before May 1.  More than 3,000 of the cuts will be jobs in the U.S.

Luxury Stores

Luxury retailers are seeing a drop in revenue.  Saks Fifth Avenue, Neiman Marcus and Barney’s all had to offer deep discounts on some items in an effort to spur holiday sales and that affected their bottom lines.  Neiman Marcus, for example, doesn’t expect to turn a profit this quarter.

Valentine’s Day
And it looks like businesses can’t count on Valentine’s Day for a boost.

A new survey of American shoppers predicts that consumers will probably spend 15-percent this year than they did for last Feb. 14. The first decline in Valentine’s Day sales, in years. 

Some of those surveyed said they’d eat a nice meal at home instead of splurging on dinner out at a restaurant.