Low-priced retail women’s clothing chain Fashion Bug will officially retire all of its racks.
Fashion Bug will close its doors including those in Patchogue and Selden, by next year after a buyout of its mother company, Charming Shoppes Inc. became finalized. It also plans to close the several hundred remaining Fashion Bug stores in more than 40 states after already closing of 124 Fashion Bug locations in 2011.
Ascena Retail Group Inc., based in Suffern, N.Y., just completed a $890 million deal to acquire Pennsylvania-based Charming Shoppes Inc., and stores like Lane Bryant and Catherines Plus Sizes. Ascena already owns Dressbarn, Justice and Maurices.
Charming Shoppes of Bensalem, Penn. released a press release that said Ascena would cease operating Fashion Bug by 2013 based on the results of its strategic review of Charming Shoppes. The company didn’t say how many employees will be affected.
The move comes as a cleanup by Ascena, which is reportedly trying to shed parts of Charming Shoppes that it doesn’t want. Fashion Bug isn’t the only store that shoppers may see the last of. Ascena also said it may sell Figi’s.
With Associated Press.