Charming Shoppes Completes Sale of Catalog Credit Receivables
Bensalem, Pa. Charming Shoppes Monday announced the completion of the sale of its misses catalog credit receivables on Nov. 14, and the increase in its funding capacity for its credit-securitization program.
Charming Shoppes closed on the sale of the misses apparel catalog credit-card receivables for $43.3 million in cash to World Financial Network National Bank, a unit of Alliance Data Systems Corp.
The sale, along with the elimination of funding-related cash-collateral requirements (less the prepayment of securitized indebtedness) resulted in net-cash proceeds to the company of $12.5 million.
“We are pleased to have completed these transactions, which have further increased our liquidity and strengthened our balance sheet,” said Alan Rosskamm, interim CEO and chairman of the Board of Charming Shoppes.
Torng named chief marketer at Movie Gallery
WILSONVILLE, Ore. Movie Gallery announced that Cliff Torng has been appointed evp and chief marketing officer of the company. He will be responsible for all aspects of Movie Gallery’s corporate marketing operations, including brand marketing, customer intelligence and communications.
Torng has more than twenty years of experience in marketing and advertising, specializing in global retail branding and marketing. He most recently served as director of marketing for the Jordan brand at Nike.
Price Chopper partners with EatingWell
SCHENECTADY, N.Y. Price Chopper Supermarkets has teamed up with EatingWell Media Group to give its consumers recipes that are both tasty and nutritious and inform them of the latest health news to help them make better eating decisions.
The program falls under Price Chopper’s Healthy U initiative, which provides current information on nutrition and diet.