June 9 (Bloomberg) -- Talbots Inc., the U.S. women’s clothing chain, said it’s eliminating about 20 percent of corporate jobs to reduce expenses in the third round of cuts in little more than a year.

That includes the elimination of open positions across all corporate locations and may save $21 million a year, the Hingham, Massachusetts-based company said today in a statement. Sixty-one open positions are being cut and 264 workers are leaving the company, Talbots spokeswoman Julie Lorigan said today in an e- mail. The retailer reduced corporate headcount in June 2008 by about 9 percent and in February by about 17 percent.

Talbots also reported a first-quarter net loss of $23.6 million, or 44 cents a share, compared with a profit of $1.64 million, or 3 cents, a year earlier. Excluding a tax benefit and restructuring charges, the loss was 23 cents a share. Analysts predicted a loss of 49 cents, the average of eight estimates compiled by Bloomberg.

Talbots yesterday agreed to sell almost all the assets of its J. Jill brand to an affiliate of private-equity firm Golden Gate Capital for about $75 million. Talbots, which specializes in apparel for women 35 and older, bought J. Jill in 2006 for about $517 million.

The company plans to focus on its namesake stores and a new upscale outlet chain, Talbots Chief Executive Officer Trudy Sullivan said yesterday in a telephone interview.

Talbots advanced 1 cent to $5.01 at 4:09 p.m. in New York Stock Exchange composite trading. The shares have more than doubled in value this year.

The loss in the second quarter, excluding restructuring charges, will be 50 cents to 58 cents a share, the company said today. Analysts, on average, estimated a loss of 68 cents.

To contact the reporter on this story: Allison Abell Schwartz in New York at aabell@bloomberg.net.

Last Updated: June 9, 2009 16:14 EDT