Charming Shoppes to Explore Options for Catalogs
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.
Sharper Image agrees to sell company
SAN FRANCISCO Sharper Image reported that it has decided to pursue a sale of its business and assets pursuant to the provisions of the bankruptcy code and will solicit indications of interest from potential acquirers.
The company notified interested parties that any sale will be subject to approval of the bankruptcy court having jurisdiction of the company’s chapter 11 case.
The company said it intends to complete the sale process and seek approval of the sale by the bankruptcy court by the end of May 2008.
Robert Conway, ceo, said that “given the present retail climate and specialty nature of the company, as well as the limited financing available to the company, a sale of its business and assets at this time will preserve values and yield the best recovery to the company.”
Supervalu offers incentives for rebate use
MINNEAPOLIS Supervalu is encouraging customers to spend their stimulus or tax refund checks in its stores by offering gift cards in $300 increments with an extra $30 added to each card. The offer is available May 2 through July 31, at all Supervalu stores.
“We recognize that in today’s economy, consumers’ budgets are strained,” said Jeff Noddle, Supervalu chairman and ceo. “At the same time, however, they still want to feed their families fresh and healthy meals, affordably. We’re always looking for ways to help our shoppers stretch their food dollars even further, and this is a program that we hope can help them achieve that.”