Figi’s Gifts Catalog for Sale
August 26, 2008-- Gifts & Dec,
Bensalem, PA — Charming Shoppes Inc. plans to explore the sale of its Wisconsin-based Figi's Gifts in Good Taste catalog. Alan Rosskamm, chairman and interim CEO, said in a statement, "This decision is another key step in our strategy to refocus our energies on our core [plus sized apparel] brands, and should not be seen in any way as a negative reflection on the performance of Figi's business. In fact, Figi's continues to perform quite profitably and generates substantial cash flow. We and our Board of Directors are committed to identifying an appropriate buyer for this attractive asset, but will only do so in a transaction that we deem financially favorable."
Charming Shoppes also entered into an agreement to sell its non-core misses apparel catalogs to Orchard Brands, a portfolio company of Golden Gate Capital, for a purchase price of $35 million in cash, and the related credit card receivables for approximately $40 million in cash to Alliance Data Systems Corp.
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