Posted on 25th Jun 2012 @ 10:54 AM
Fashion Bug, a value-priced retailer of clothing and accessories with more than 600 stores in 43 states, will close in 2013.
The chain targeted women ages 30–50. Last year, owner Charming Shoppes closed 124 Fashion Bugs, and said it planned to continue to close stores.
The closing was part of Ascena Retail Group’s purchase of Charming Shoppes, which also owns Lane Byrant and Catherines Plus Sizes. The combined company now operates some 3,800 locations, and last year generated more than $4.4 billion of combined net sales. Ascena financed the approximately $900 million transaction through a combination of cash and $325 million of borrowings.
The acquisition takes Charming Shoppes private.