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Charming Shoppes Inc., the retailer that operates the Lane Bryant and Fashion Bug clothing chains, is hacking jobs and closing stores to reduce costs; it is also planning to trim 30 percent from its spending budget for the year.
The company will close about 150 underperforming stores, according to Bloomberg. It cut about 150 management positions on Jan. 31 and plans to cut 50 more jobs. In addition, $40 million will be cut from its spending budget beginning Feb. 3, much of that coming from the reduction of planned store openings.
The moves come in response to a weak retail and economic environment, the company said in a statement.
Charming Shoppes operates 2,453 stores in 48 states. Company shares fell 21 percent to $5.64 by this morning. Before today, shares had gained 8.1 percent this year, after dropping 60 percent in 2007.
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