Ascena Retail Group Inc. (Suffern, N.Y.) announced today that it will acquire Charming Shoppes Inc. (Bensalem, Pa.), purchasing all outstanding shares of the company for approximately $890 million. Charming Shoppes specializes in plus-size apparel for women and houses the Lane Bryant, Catherines Plus Sizes and Fashion Bug brands with more than 1800 stores nationwide.
David Jaffe, Ascena’s president and ceo, said, “A key component of our growth strategy over the past several years has been to make highly selective and powerful acquisitions. We’ve built a family of retail brands, each serving a unique customer niche, with a culture that embraces the sharing of resources, new ideas and talented team members. Over the past few years, we have welcomed into our family new brands and new team members while delivering increasing value to shareholders. We believe that Charming Shoppes will be no exception.”
Ascena is currently the parent company of dressbarn, maurices and Justice. The deal is expected to close within 10 days.