Charming Shoppes Inc. (Bensalem, Pa.) has signed an agreement with Retail Brand Alliance Inc. (Enfield, Conn.) to assume the leases on about 75 outlet store locations, most of which currently house Casual Corner Annex stores. Charming Shoppes, which specializes in women's plus-size apparel, will install Lane Bryant Outlet stores in the acquired spaces.
Retail Brand Alliance plans to cease its Casual Corner Annex operations early in 2006, and the agreement with Charming Shoppes is effective April 1, 2006. Charming Shoppes is acquiring the leases, leasehold improvements and fixtures for the store locations for a cash payment of about $2.8 million.
“This agreement gives our flagship chain a significant presence in many of the country's leading outlet centers, a distribution channel that we have targeted for additional growth within the Lane Bryant brand,” said Dorrit Bern, Charming Shoppes' president and ceo. “It allows us to broadly enter the outlet channel in a very meaningful way, and provides an additional venue through which we may service and expand our Lane Bryant customer base.”
The outlet stores, which average 7800 square feet, are expected to open during the second and third quarters of 2006.
Charming Shoppes Inc. operates 2269 retail stores in 48 states under the Lane Bryant, Fashion Bug, Fashion Bug Plus and Catherines Plus Sizes nameplates.