Fashion Bug, a low-priced women's clothing chain with three locations in Utah, will soon join the retail graveyard.
Ascena Retail Group Inc. has completed its buyout of Charming Shoppes Inc., which owns the chain, and now plans to close the remaining several hundred Fashion Bug stores by early next year.
The company didn't say how many employees would be affected.
Ascena is generally trying to shed parts of Charming Shoppes that it doesn't want and said Friday that it may sell Figi's, which is profitable and growing, because it is not a clear fit with its other clothing brands.
The $890 million deal gave Ascena access to the large-sized women's clothing market with Lane Bryant and Catherines Plus Sizes stores. Ascena already owns Dressbarn and Maurices for women of all ages, and the Justice chain, which caters to girls ages 7 to 14.
Charming Shoppes closed 124 Fashion Bug stores last year, and its website says there are 600 Fashion Bug stores in 43 states.
Shares of Charming Shoppes, now an Ascena subsidiary, stopped trading on the Nasdaq exchange and Chicago Stock Exchange at the close of business on Thursday.
Ascena's shares rose 23 cents, to $19.51, in trading Friday, approaching the high end of their 52-week range of $12 to $22.62 per share.
Fashion Bug locations in Utah
Taylorsville • 5524 S. Redwood Road
Centerville • 312 N. Market Place Drive
Harrisville • 478 N. 325 East