Charming Shoppes to Close, Convert Stores
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Charming Shoppes Inc., which operates Fashion Bug and Lane Bryant women’s clothing stores, is closing 130 Fashion Bug stores and the Added Dimensions/Answer chain and its 77 stores to lower costs.
Costs for the closings will be $23 million, or 21 cents a share, in the fiscal fourth-quarter ending Thursday, the Bensalem, Pa.-based company said. Charming Shoppes, the No. 3 U.S. specialty apparel retailer, said the actions will help it save $12 million a year before taxes.
Charming Shoppes shares rose 43 cents, or 8.1%, to close at $5.74 on Nasdaq.
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