Bensalem-based Charming Shoppes, Inc. has reached an agreement to be acquired by Ascena Retail Group, Inc. for $890 million, according to a joint statement on the company’s website.
Charming Shoppes is the parent company of Lane Bryant, Fashion Bug and Catherines Plus Sizes and operates 1,800 retail stores nationwide. It also operates Figi’s, a direct marketing business. Ascena owns the Dressbarn, Maurices and Justice brands, which have 2,500 stores in the United States, Puerto Rico and Canada?
The statement said the agreement calls for Ascena to acquire Charming Shoppes for $890 million in cash. Ascena has agreed to make a cash tender offer for all outstanding shares of Charming Shoppes common stock at a price of $7.35 per share. The offer is expected to commence within 10 business days and close this quarter.