And it's in the form of 100 to 120 retail shops!
Charming Shopppes, who owns plus-size retailers like Lane Bryant, Fashion Bug and Catherines will be shutting down over 100 shops this year. This is on top of the 160 stores that were closed in 2009!
So why the mass exodus?
CEO Jim Fogarty explains:
"Our first-quarter 2010 to-date same-store sales comp through eight weeks was approximately (4) percent, which, while still negative, reflects improvement across all of our brands from our fourth-quarter comps and progress in ourSpring assortments."
But it's not all bad.
Forgarty said that their online sales are up. He adds:
"Our Internet business was up 35 percent in that same time period, benefiting from the August launch of our new Web sites and the February launch of our universal shopping cart linking our four apparel Web sites."
Hopefully all the store closings will generate more online sales for them and not put them out of business completely!
[Image via AP Images.]
Tags: catherines, charming shoppes, closing, fashion bug, jim fogarty, lane bryant, plus size