Fashion Bug Selling Off $500 Million Inventory
Three limited-liability companies—SB Capital Group LLC, Tiger Capital Group LLC and Great American Group LLC—have formed a joint venture to sell off $500 million in inventory from 568 Fashion Bug stores. Fashion Bug is a division of Bensalem, Pa.–based Charming Shoppes Inc., which also operates Lane Bryant and Catherines stores. Ascena Retail Group recently acquired Charming Shoppes.
Fashion Bug’s “Total Inventory Blowout Sale” will be held in Fashion Bug stores in 39 states as part of Ascena’s planned shuttering of the business.
Founded in the 1960s, Fashion Bug carries women’s apparel— including intimate apparel, accessories and footwear—in plus, misses and juniors sizes. At its height in the 1990s, the chain operated more than 1,400 stores.
According to Ascena, Fashion Bug has kept more than 5,900 store and district staff to run the stores through the inventory sale.
SB Capital Group is an affiliate of Schottenstein, specializing in asset recovery, rescue finance, restructuring and strategic store-closing events. Tiger Group provides advisory, restructuring, valuation, disposition and auction services for the retail, wholesale and industrial sectors. Great American Group offers asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services.
—Alison A. Nieder
