Ascena also announced that, based on the results of its strategic review of Charming Shoppes’ operations, it plans to cease operating and close down Charming Shoppes’ FASHION BUG® business by early 2013. In 2011, Charming Shoppes closed 124 Fashion Bug stores. Charming Shoppes had previously announced its intention to continue to close certain Fashion Bug stores. In addition, Ascena announced that it is exploring a potential sale of Charming Shoppes’ Figi’s® business, which markets food and specialty gift products. Although the Figi’s business is a growing and profitable business, it is clearly a different type of business than Ascena’s other apparel brands. Ascena can provide no assurance as to whether any such transaction will be consummated or the terms or timing thereof and undertakes no obligation to make any further announcements regarding such transaction.BofA Merrill Lynch acted as financial advisor and Proskauer Rose LLP as legal advisor for Ascena. Barclays Inc. acted as financial advisor and Drinker Biddle & Reath LLP and Schulte Roth & Zabel LLP as legal advisors for Charming Shoppes.
Ascena Retail Group, Inc. Completes Acquisition Of Charming Shoppes, Inc.
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