By Bob Fernandez - The Inquirer
Bensalem retailer Charming Shoppes Inc. said Thursday that it would close 240 unprofitable stores in 2011, or nearly 12 percent of its total outlets, and that more than half of those would be Fashion Bug stores.
The locations were not disclosed.
The company said all 30 of its Catherines Plus Sizes stores in outlet locations would be shuttered over a two-year period.
The company also said it has appointed Anthony M. Romano as president and chief executive officer. He had been acting chief executive since the October resignation of James P. Fogarty. Brian Woolf was named group president of the Lane Bryant division.
The announcements were part of the retailer's fourth-quarter earnings report. For the three months ended Jan. 29, Charming Shoppes' sales rose 6.8 percent to $575.8 million, fueled by higher same-store sales and by a 41 percent boost in its online business.
The company, which operates 2,064 stores in 48 states, lost $30.4 million, or 26 cents a share, in the quarter, compared with a loss of $28 million, or 24 cents a share, in last year's fourth quarter.
Romano attributed the higher sales in the most recent quarter to a more targeted fashion assortment for the Christmas holiday season, improved inventory controls, and more aggressive advertising and promotions.
Charming Shoppes primarily sells women's plus-size apparel.
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