US: Fashion Bug sells $500m inventory
By Katie Smith | 7 September 2012
SB Capital Group, Tiger Capital Group, and Great American Group have formed a joint venture to sell US$500m worth of value women's wear business Fashion Bug's inventory at its 568 stores.
The sale, which is part of Ascena's divestiture of the brand, will take place in 39 states in the US.
In June, women's wear retailer Ascena Retail Group acquired plus-size apparel specialist Charming Shoppes for US$890m, including the Lane Bryant, Fashion Bug and Catherines Plus Sizes brands.
Later that month, Ascena revealed it would close the Fashion Bug chain by early 2013.
In July, the retailer reportedly said it would save 7,500 jobs at the fashion business by moving employees to new stores replacing the old ones that are closing.
Companies: Charming Shoppes
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