BENSALEM, Pa. /PRNewswire/ -- Charming Shoppes, Inc., (Nasdaq: CHRS) the retail apparel chain specializing in women's plus-size and misses apparel, today announced the completion of the purchase of Lane Bryant, a subsidiary of The Limited, Inc. (NYSE: LTD) for $335 million. Consideration paid for the purchase was $280 million in cash and approximately 8.7 million shares of Charming Shoppes common stock, valued at $55 million.

As a result of the purchase, The Limited, Inc. owns approximately 8% of Charming Shoppes, Inc. outstanding common stock. The Limited, Inc. will be restricted from selling Charming Shoppes stock for a one-year period after the closing of the transaction. Diane V. Missel has been appointed to the position of Group President of Lane Bryant and Catherines Stores Corporation.

Diane has over 25 years of experience in women's retail apparel, with the last two years as president of Catherines Stores Corporation. Charming Shoppes' projected annual revenue, on a pro-forma basis for fiscal year 2002, would be approximately $2.5 billion, with approximately 70% of revenue from plus-sizes, the fastest growing category in women's apparel. The Company now operates nearly 2,500 mall-based and strip center stores in 48 states under the names LANE BRYANT(R), FASHION BUG(R), FASHION BUG PLUS(R), CATHERINE'S PLUS SIZES(R), THE ANSWER(TM), ADDED DIMENSIONS(R), MONSOON(R) and ACCESSORIZE(R). Monsoon and Accessorize are registered trademarks of Monsoon Accessorize Ltd.

SAFE HARBOR STATEMENT This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. These forward-looking statements include statements regarding future performance, including sales performance, and other matters. Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those indicated. Such risks and uncertainties may include, but are not limited, to: failure to achieve successful integrations, changes in or miscalculation of fashion trends, extreme or unseasonable weather conditions, economic downturns, a weakness in overall consumer demand, the ability to hire and train associates, the availability of suitable store locations on appropriate terms, trade restrictions and political or financial instability in countries where goods are manufactured, and competitive pressures. These, and other risks and uncertainties, are detailed in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2001.

SOURCE Charming Shoppes, Inc.
CONTACT: Gayle M. Coolick, Director of Investor Relations of Charming Shoppes, +1-215-638-6955
Web site: http://www.charmingshoppes.com