Ascena Retail Group Acquires Charming Shoppes for $890M

Ascena Retail Group is buying Charming Shoppes, owner of Lane Bryant, for about $890 million, giving it access to the plus-size women’s clothing market. Charming Shoppes also runs Fashion Bug, Catherines Plus Sizes and the direct marketing business Figi’s. Ascena, owner of the dressbarn, maurices and Justice brands, will pay $7.35 for each Charming share. That's a 25 percent premium to Charming’s closing price of $5.90 Tuesday. Ascena’s cash tender offer should roll out within 10 business days.