CHRS explores strategic alternatives for Non-Core Misses Apparel
26 Apr '08
3 min read
Charming Shoppes Inc, a leading multi-brand, multi-channel specialty apparel retailer specializing in women's plus-size apparel, announced that its Board of Directors is exploring a broad range of operating and strategic alternatives for its non-core misses apparel catalog titles in order to provide a greater focus on its core brands, Lane Bryant, Catherines and Fashion Bug, and to enhance shareholder value.
The Company has retained Banc of America Securities and Lehman Brothers as its financial advisors in connection with this process. The Company noted that there can be no assurance that this process will result in any specific course of action or transaction. The Company does not intend to comment further on this evaluation until final determinations have been made.
Dorrit J. Bern, Chairman, Chief Executive Officer and President of Charming Shoppes, Inc. stated, "Our commitment to our multi-brand, multi- channel strategy remains a key element of our long term strategy. Our core plus apparel brands possess leading market positions and strong long-term growth opportunities, and we will continue to utilize our direct-to-consumer infrastructure to further develop these core brands.
We have received a number of inquiries from qualified third parties and are evaluating several alternatives for our non-core apparel catalog titles which would allow us to focus exclusively on and accelerate the growth of our core plus apparel businesses, with the goal of enhancing shareholder value."
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