Charming Shoppes up 10% After Announcing Strategic Review
Charming Shoppes (NASDAQ: CHRS) is up 10% on the session after the company announced it will explore strategic opportunities and that the company will divest its Fashion Bug business. Currently, Charming Shoppes is a multi-brand, specialty apparel retailer with a market share in women's plus-size specialty apparel. The Company operates in two segments: Retail Stores and Direct-to-Consumer.
Anthony M. Romano, President and Chief Executive Officer of Charming Shoppes, Inc. said, “We are currently engaged in a number of initiatives that we believe will further improve our business and enhance shareholder value. The first substantive step is our decision to divest our Fashion Bug business. While we have made progress in improving Fashion Bug's profitability, we believe that it does not fit within our future strategic plan. Concurrent with this process, we are assessing the appropriate expense structure for the Company in light of the planned divestiture of Fashion Bug.”
The shares of Charming Shoppes are currently trading at $4.27, a gain of $0.39, or 10.05%.
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