October 2013 Summary:
Charming Shoppes, Inc. is a specialty apparel retailer with a market
share in women's plus-size specialty apparel. During fiscal year ended January
28, 2012 (fiscal 2011), the Company's business operations consisted primarily
of three core brands: LANE BRYANT, FASHION BUG and CATHERINES PLUS SIZES.
The Company operates in two segments: Retail Stores and Direct-to-Consumer.
The Retail Stores segment derives its revenues from sales through retail
stores and store-related e-commerce sales under its LANE BRYANT (including
LANE BRYANT OUTLET), FASHION BUG, and CATHERINES PLUS SIZES brands. The
Direct-to-Consumer segment derives its revenues from catalog sales and catalog-related
e-commerce sales under its FIGI'S title. During fiscal 2011, the sale of
plus-size apparel represented approximately 84% of its total net sales.
In June 2012, Ascena Retail Group Inc. acquired the Company.
May 2012 Summary: On
May. 2, 2012,
Ascena Retail Group, Inc. (NASDAQ: ASNA) and Charming
Shoppes, Inc. (NASDAQ: ASNA) jointly announced that they have entered into
a definitive agreement under which Ascena will acquire Charming Shoppes
in a cash transaction valued at approximately $890 million. Ascena has agreed
to make a cash tender offer for all outstanding shares of Charming Shoppes
common stock at a price of $7.35 per share. The tender offer is expected
to commence within 10 business days. Subject to customary conditions and
approvals, the transaction is expected to close during the second calendar
quarter of 2012.
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