Charming Shoppes (Bensalem, Pa.), the owner of Lane Bryant clothing stores, is being bought by rival Ascena Retail Group for about $890 million, reports The New York Times.
Under the sale terms, Ascena will pay $7.35 a share, or nearly a 25 percent premium to Charming Shoppes’ closing price on Tuesday.
Suffern, N.Y.-based Ascena operates close to 2500 stores under the Dress Barn, Maurices and Justice nameplates. Charming Shoppes has 1857 stores under the Lane Bryant, Cacique, Fashion Bug and Catherine Plus Sizes brands.