United States Of America : Charming completes sale of non-core misses apparel catalogs to Orchard

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Charming completes sale of non-core misses apparel catalogs to Orchard

19
Sep '08

Charming Shoppes Inc announced the completion of the sale of its non-core misses apparel catalogs to Orchard Brands.

On August 25, 2008, the Company announced that it had entered into a definitive agreement to sell its non-core misses apparel catalogs to Orchard Brands, a portfolio company of Golden Gate Capital.

The transaction includes the following catalog titles and their associated e-commerce sites: Old Pueblo Traders, Bedford Fair, Willow Ridge, Lew Magram, Brownstone Studio, Intimate Appeal, Monterey Bay Clothing Company and Coward Shoe. Under the terms of the agreement, Orchard Brands paid approximately $35 million in cash for the non- core misses apparel catalogs.

Commenting on the closing of the sale, Alan Rosskamm, Chairman of the Board of Directors and Interim Chief Executive Officer of Charming Shoppes Inc, said, "The sale of our non-core catalogs is a key step in our strategy to focus on our core brands - Lane Bryant, Fashion Bug and Catherines - to better leverage our leading market share in women's plus-size apparel."

Charming Shoppes Inc

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