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Charming Acquires Crosstown

BENSALEM, PA-With a record Q1, Charming Shoppes Inc. also announces its $218M purchase of Crosstown Traders.

By Dana Dubriwny | Updated on May 23, 2005

BENSALEM, PA-After reporting Q1 income earnings of $30 million, a 14% increase from the same period last year, Charming Shoppes Inc. announced its acquisition of Crosstown Traders, a direct marketer of women’s apparel, footwear and specialty gifts.

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.”

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