Charming Shoppes partners with Lane Bryant for new stores channel
09 Dec '05
2 min read
Leading multi-channel specialty apparel retailer Charming Shoppes Inc reported that it has signed an agreement with Retail Brand Alliance Inc to assume the leases on approximately 75 outlet store locations, subject to obtaining necessary consents and other customary conditions.
These leases represent the majority of the outlet locations currently operated by Casual Corner Annex, which will cease its outlet operations early in 2006.
The agreement is effective on April 1, 2006 and provides an entry into many of the country's leading outlet centers for Charming Shoppes' Lane Bryant brand.
In the transaction, Charming Shoppes is acquiring the leases, leasehold improvements and fixtures for this group of store locations for a cash payment of approximately $2.8 million.
The outlet stores will be operated under the LANE BRYANT OUTLET nameplate, and are expected to open during the second and third quarters of 2006. These outlet locations, which average 7,800 square feet, are expected to operate at revenue and operating margin levels that meet or exceed those of Lane Bryant's average retail store units.
Charming Shoppes Inc operates 2,235 retail stores in 48 states under the names LANE BRYANT, FASHION BUG, FASHION BUG PLUS, and CATHERINES PLUS SIZES.
Additionally, the Company's Crosstown Traders division operates the following apparel, accessories, footwear and gift catalogs: Old Pueblo Traders, Bedford Fair, Willow Ridge, Lew Magram, Brownstone Studio, Regalia, Intimate Appeal, Monterey Bay Clothing Company, Coward Shoe and Figi's.
marketing@alchempro.com
