Bensalem, Pa. Charming Shoppes Inc. said Friday it has hired Lehman Bros. and Banc of America Securities to help it explore strategic alternatives for its non-plus size women’s apparel catalog titles, in order to focus more on its three core brands, Lane Bryant, Catherines and Fashion Bug
"We have received a number of inquiries from qualified third parties and are evaluating several alternatives for our non-core apparel catalog titles which would allow us to focus exclusively on and accelerate the growth of our core plus apparel businesses, with the goal of enhancing shareholder value," said CEO Dorrit J. Bern in a statement.
Bern also said the company will commit to lowering its capital expenditures budget by $20 million during the current fiscal year. The cuts will come from lower spending on store infrastructure and cuts in non-critical infrastructure improvements.
The company said it will also refinance some of its real estate assets in its second quarter.