July 5, 2012 |
The chief executive of Ascena Retail Group Inc. said Tuesday a plan was in place to preserve jobs of 7,500 employees at soon-to-be-shuttered Fashion Bug stores, as well as among 600 workers at the former Philadelphia-area headquarters of Charming Shoppes Inc., after Ascena acquired one of the region's few remaining apparel companies. The Suffern, N.Y.-based owner of Dressbarn, Justice and Maurices stores is committed for at least three years to the Bensalem facility that housed executive and administrative offices for Charming Shoppes.
June 25, 2012 |
They call it the retail graveyard, because no matter how hot a store may be in its heyday, odds are it won't outduel Father Time. When a retailer is down to its last stitch of mojo, it is buried like others that once might have been considered immortal (John Wanamaker, Borders, Circuit City). So it goes with one of the region's oldest remaining apparel chains: Fashion Bug. Sprung from what began as a Philadelphia retailer 70 years ago, it is on a death march to its final resting place, a casualty in the fierce competition to sell moderately priced clothes and accessories to women.
June 17, 2012 |
IN THE REGION Charming's sale complete Ascena Retail Group Inc. has completed its buyout of Lane Bryant owner Charming Shoppes Inc. and is taking steps to shed parts of the acquired business that it doesn't want. Ascena said in May that it was buying Charming Shoppes, of Bensalem, for about $890 million. The deal gives Ascena access to the large-size women's clothing market with Lane Bryant and Catherines Plus Sizes stores. But Ascena said Friday that it planned to close Charming Shoppes' remaining Fashion Bug operations by early next year and that it may sell Charming's direct-marketing business, Figi's.
May 17, 2012 |
Under billowing tents in Aviator Park, Moore College of Art & Design presented its annual end-of-year fashion show Saturday night with aplomb. The collections showed depth and creativity and represented looks from decades past, with Laura Galindo's Mad Men-esquetailored pieces and Caralyn Scudner's children's wear infused with 1960s flower prints. Scudner won the Charming Shoppes Inc. Award for the most salable collection and the Jannaman Award for best construction. Great choice.
May 3, 2012 |
Ascena Retail Group Inc., which owns Dressbarn and several other apparel chains, said Wednesday that it was buying Lane Bryant, Fashion Bug, and the other holdings of Bensalem-based Charming Shoppes Inc. in an $890 million deal that would create one of the nation's largest specialty retail corporations. In a joint call with investors, executives of Charming Shoppes and Suffern, N.Y.-based Ascena, both publicly traded companies, did not say how many jobs might be eliminated as a result of the proposed sale, which is expected to close by June and will result in a company with about 4,400 stores employing 54,000 associates nationwide and in Canada.
April 9, 2012 |
Securities trades recently reported to the Securities and Exchange Commission by officers, directors and principal shareholders of corporations based or having sizable employment in the Philadelphia area. Titles are as reported to the SEC. Amerigas Partners L.P. John S. Iannarelli, chief financial officer, bought 470 shares at 40.38 on Mar. 28, and now directly holds 5,027 shares. Buckeye Partners L.P. Khalid A. Muslih, officer, sold 19,000 shares at 62.00 to 62.06 on Mar. 27, and now directly holds 41,750 shares.
March 28, 2012 |
Charming Shoppes Inc. said Tuesday that its Lane Bryant stores did not do as well as expected during the holiday shopping season, and executives gave investors little information when asked about ongoing efforts to sell the company's Fashion Bug division. The Bensalem-based retailer reported that it was unprofitable in the year that ended Jan. 28, during which it closed 207 stores and said it would seek to divest Fashion Bug. In its financial filings, the company, which also owns Catherines stores, said it planned to close another 90 to 105 stores this year as it continues efforts to focus on the Lane Bryant chain.
December 2, 2011 |
The Bensalem-based company that owns Fashion Bug said Thursday that it planned to sell or eliminate the struggling retail chain while focusing efforts to grow its more profitable plus-size Lane Bryant apparel brand. Executives with Charming Shoppes Inc. said they had hired financial adviser Barclays Capital to perform a strategic review of the entire corporation. The only immediate pledge was to divest Fashion Bug, which garnered about $600 million of the company's $2 billion in sales a year ago. The announcements were made in tandem with the release of quarterly earnings that showed Fashion Bug sales down, presumably as its lower-income customers became more financially squeezed, while sales at the more specialized Lane Bryant chain were stable.