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CHRS reaches agreement with Crescendo Partners & Myca Partners

May '08
Charming Shoppes Inc and The Charming Shoppes Full Value Committee announced that they have reached an agreement to resolve the proxy contest related to the Company's 2008 Annual Meeting of Shareholders.

Under the terms of the agreement, the Company will nominate to its Board of Directors: two of management's nominees, Dorrit J. Bern, the Company's Chairman, President and Chief Executive Officer and Alan Rosskamm; two of the Committee's nominees, Arnaud Ajdler and Michael C. Appel; and two experienced retail executives, Richard W. Bennet III, former Vice Chairman of The May Department Stores Company and Michael Goldstein, former Chairman and Chief Executive Officer of Toys "R" Us, Inc.

The Company and the Committee have each agreed to vote their shares in favor of these nominees and all of the proposals to be presented to shareholders at the Annual Meeting.

With the addition of Messrs. Ajdler, Appel, Bennet and Goldstein, Charming Shoppes' Board will be expanded to eleven directors, ten of whom will be independent.

Dorrit J. Bern, Chairman and Chief Executive Officer, said, "We are pleased to have reached this agreement with the Committee, which we believe is in the best interests of the Company and all Charming Shoppes shareholders. During the past few months, we have met with a large number of our shareholders, and we value their insights regarding the future of our Company. Our Board remains committed to enhancing value for all shareholders and we look forward to working with our new directors to continue our progress in building a stronger future for Charming Shoppes."

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