7:59 a.m. | Updated with advertisement of the deal
Charming Shoppes, the buyer of the Lane Bryant band of women’s accouterment stores, has agreed to advertise itself to a rival, the Ascena Retail Group, for about $890 million, the companies said Wednesday.
Under the agreement of the transaction, Ascena will pay $7.35 a share, a about 25 percent exceptional to Charming Shoppes’ closing amount on Tuesday.
The alliance would affiliate two players in the specialty-women’s accouterment industry. The standout cast amid the two companies is Lane Bryant, the acclaimed banker of plus-size women’s accouterment that has been acute to its parent’s growth. The band appear a 3 percent acceleration in same-store sales during the company’s best contempo budgetary year, to $991.8 million. And with American waistlines growing larger, the business is accepted to abide strong.
Shares in Charming Shoppes accept climbed added than 30 percent over the accomplished 12 months.
Lane Bryant’s advance is acceptable what drew the absorption of Ascena, the 50-year-old banker aforetime called Dress Barn, afterwards one of its accouterment lines. Based in Suffern, N.Y., the aggregation runs some 2,500 food beneath the Dress Barn, Maurices and Justice brands and has a bazaar amount of about $2.9 billion.
Late aftermost year, Charming Shoppes appear a plan to activate a cardinal analysis of its businesses, a tacit acceptance that it was exploring a sale. In that announcement, the aggregation said that it was attractive to afford Fashion Bug, its worst-performing division. During the best contempo budgetary year, Fashion Bug appear a 4 percent decline, to $581.6 million.
Shares in Charming Shoppes rose about 22 percent in after-hours trading on Tuesday afterwards The Wall Street Journal online appear on the approaching merger.
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