CEO of Charming Shoppes resigns
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Charming Shoppes Inc., owner of the Lane Bryant clothing chain, said Chief Executive Dorrit J. Bern resigned and that board Chairman Alan Rosskamm would be interim chief. The shares rose as much as 18%.
The Bensalem, Pa., company, which lost half its value in the last year, posted three straight quarterly sales declines through May 3, and analysts predict another drop for the current quarter, according to a Bloomberg survey.
Charming Shoppes also owns clothing chain Fashion Bug.
Apparel sellers have been struggling as consumers facing gasoline over $4 a gallon and higher food costs cut back on spending.
Brian Woolf, former CEO of Cache Inc., will be president of the Lane Bryant brand, starting immediately, Charming Shoppes said. He replaces LuAnn Via, who resigned to become CEO of Payless ShoeSource Inc.
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