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Wind-down Sale in Remaining Fashion Bug Locations

BENSALEM. Pennsylvania – September 4, 2012 – SB Capital Group, LLC, announced today the formation of a joint venture to conduct a sale of all inventory in the 568 stores of women’s retailer Fashion Bug, a unit of Charming Shoppes, Inc., a recently acquired subsidiary of Ascena Retail Group, Inc. The “Total Inventory Blowout Sale” will be conducted in the 568 Fashion Bug stores located in communities across 39 states, and is part of Ascena’s planned divestiture of the brand and the orderly wind down of the Fashion Bug operation.

In what will be an epic sale, shoppers will be able to take advantage of the tremendous savings offered at one of the most widely recognized women’s stores in the country. Fashion Bug stores are stocked full of fresh new arrivals with the best in fall fashion, and shoppers will find compelling discounts of as much as 50% on everything in Fashion Bug’s entire $500,000,000 retail inventory. The “Total Inventory Blowout Sale” will reinforce Fashion Bug’s strong, high-value message of “Look Great, Spend Less” and will give women everywhere an unmatched opportunity to build their wardrobes at meaningful discounts off Fashion Bug’s already low original prices.

Fashion Bug offers women’s apparel in plus, misses and juniors sizes, and includes offerings of intimate apparel, accessories, and footwear. Founded as part of Charming Shoppes, Inc., the first Fashion Bug store was opened in the 1960s in Audubon, New Jersey. The company grew with rapid expansion in the late 1970s, and reached a peak of more than 1,400 stores in the 1990s.

As part of the process, Fashion Bug has retained more than 5,900 store and district personnel to assist the joint venture in operating the stores through the completion of the sale process.