Figi's Sold to Retail Group
Thursday, May 3rd, 2012 -- 9:27 AM
-The parent company of Figi's will be sold to a retail group that says it will evaluate its options with the Marshfield-based direct marketing business.According to the Marshfield News Herald, Charming Shoppes, the company that owns Figi's, is being sold to Ascena Retail Group, owner of the Dressbarn, Maurices and Justice brands, for about $890 million.
Charming also owns Lane Bryant, Fashion Bug and Catherines Plus Sizes, giving Ascena access to the large-size women's clothing market.
But David Jaffe, Ascena president and CEO, said that Figi's is "a little bit off of our core strategy."
"It is clearly a different type of business than our other brands," Jaffe said. "I will note that it appears to have a good business model and a viable market opportunity with a dedicated infrastructure. Given those variables, we are exploring our options."
Figi's has operations in Marshfield, Stevens Point and Neillsville.
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