Ascena also announced that, based on the results
of its strategic review of Charming Shoppes’ operations, it plans to cease
operating and close down Charming Shoppes’ FASHION BUG® business by early 2013. In addition, Ascena announced that it is exploring a potential sale of
Charming Shoppes’ Figi’s® business, which markets food and specialty gift
products. Although the Figi’s business is a growing and profitable business, it
is clearly a different type of business than Ascena’s other apparel brands.
