Charming Shoppes Inc., parent to Lane Bryant, says it plans to close more than 10 percent of its stores nationwide this year.
Bensalem, Pa.-based Charming Shoppes Inc. (Nasdaq:CHRS), whose holdings also include the Cacique, Fashion Bug and Catherines Plus Sizes brands, said the closings will hit 240 of its 2,064 stores. About half of the stores to be shuttered will be its Fashion Bug nameplate, which has nine Phoenix-area locations, according to the company’s website.
Charming didn’t give specifics on which stores it will close, only saying they’re unprofitable. There are 17 Lane Bryant stores in the Phoenix area and seven Catherines.
The store closings were only one piece of major news the company unveiled in recent days. Charming promoted acting CEO Anthony Romano to a permanent role as president, CEO and board member, replacing James Fogarty, who resigned in October.
Romano spent eight years at Charming Shoppes early in his career, then 12 years at apparel retailer Ann Taylor Inc. He rejoined Charming in 2009 as executive vice president of global sourcing and business transformation. In October, he was promoted to chief operating officer.
No comments:
Post a Comment