Charming Shoppes, a retail apparel chain specializing in women's plus-size apparel under the names Lane Bryant, Fashion Bug, Fashion Bug Plus and Catherines Plus Sizes, will pay approximately $218 million in cash for the Crosstown, plus the assumption of Crosstown's debt. Charming plans to continue to operate Crosstown Traders as a separate entity, which will remain at its Tucson, AZ headquarters.

"We've very excited about the opportunity that we have in front of us with the incredible acquisition," said Dorrit Bern, chairman, CEO and president of Charming Shoppes, during Friday's earnings call. "We have always been talking about the opportunity in 2007 to get the Lane Bryant name back because we know there is a viable business out there. We've also been intrigued that the American consumer is shopping in a much different way these days."

Bern says today's shopper uses several channels to search for items. From flipping through a catalogue and looking at an outfit online, to trying on an outfit in the store, Bern believes that the acquisition will help provide further options for consumers. "We as a retailer need to be actively involved providing to her the opportunity to shop multi-channels with us. Crosstown is that opportunity."