US: Ascena Retail edges closer to Charming Shoppes merger
Women's wear retailer Ascena Retail Group has completed its tender offer for shares of Charming Shoppes Inc, and says plus-size apparel specialist, and says it expects complete its merger with the plus-size specialist "in the coming days."
The US$890m acquisition was announced last month. The deal means Charming Shoppes will become a wholly-owned subsidiary Ascena Retail, adding the Lane Bryant, Fashion Bug and Catherines Plus Sizes brands to its portfolio.
Ascena already operates 2,600 stores selling its Dressbarn, Maurices and Justice brands for women and tween girls.
Women's wear retailer Ascena Retail Group has seen its first-quarter net profit decline 9.3% despite booking an increase in sales. ...
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