Reporting Pat Loeb
By Pat Loeb
BENSALEM, Pa. (CBS) – Bensalem-based Charming Shoppes has been acquired by a New York clothing retailer for $890 million. Charming Shoppes operates 1800 stores nationwide, including Lane Bryant and Fashion Bug. They’ll become part of Ascena, which owns Dress Barn and Justice.
Ascena CEO David Jaffe says the acquisition makes the company one of the largest specialty retailers in the country.
“The operational and strategic fit of the Lane Bryant, Catherine’s and Conceit businesses into our organization is excellent. With those concepts, Charming Shoppes has become the clear, category-leading specialty retailer for plus size customers, an apparel market that continues growing at a significant rate,” Jaffe explains.
Jaffe says the Charming Shoppes and Lane Bryant headquarters will remain in Bensalem.