Interviews
News Flash
Charming Shoppes to sell Misses Apparel Catalog
26 Aug '08
4 min read
To that end, we are announcing the appointment of Lori Twomey to the position of President, Direct-to-Consumer. In this role, Lori will lead the Company's direct-to-consumer and e-commerce businesses, including the Lane Bryant Woman catalog and related e-commerce site, the Company's retail brands' e-commerce businesses, and shoetrader.com. Lori will continue to report to me in my role as Interim CEO."
The Company also announced that it will initiate a process to explore the sale of its Figi's Gifts in Good Taste catalog business, based in Wisconsin.
Alan Rosskamm stated, "This decision is another key step in our strategy to refocus our energies on our core brands, and should not be seen in any way as a negative reflection on the performance of the Figi's business.
In fact, Figi's continues to perform quite profitably and generates substantial cash flow. We and our Board of Directors are committed to identifying an appropriate buyer for this attractive asset, but will only do so in a transaction that we deem financially favorable."
The Company noted that there can be no assurance that this process will result in any specific course of action or transaction, and the Company does not intend to comment further on this evaluation until final determinations have been made.
Banc of America Securities LLC and Lehman Brothers acted as financial advisors and Drinker Biddle & Reath LLP provided legal advice to Charming Shoppes in connection with the transaction to sell its non-core misses apparel catalog titles.
The Company also announced that it will initiate a process to explore the sale of its Figi's Gifts in Good Taste catalog business, based in Wisconsin.
Alan Rosskamm stated, "This decision is another key step in our strategy to refocus our energies on our core brands, and should not be seen in any way as a negative reflection on the performance of the Figi's business.
In fact, Figi's continues to perform quite profitably and generates substantial cash flow. We and our Board of Directors are committed to identifying an appropriate buyer for this attractive asset, but will only do so in a transaction that we deem financially favorable."
The Company noted that there can be no assurance that this process will result in any specific course of action or transaction, and the Company does not intend to comment further on this evaluation until final determinations have been made.
Banc of America Securities LLC and Lehman Brothers acted as financial advisors and Drinker Biddle & Reath LLP provided legal advice to Charming Shoppes in connection with the transaction to sell its non-core misses apparel catalog titles.
Charming Shoppes Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
