Charming Shoppes Appoints Stephen Yeung as Interim General Manager, Overseas
Sourcing Organization
BENSALEM, Pa., Nov. 3 /PRNewswire-AsiaNet/--
Charming Shoppes, Inc. (Nasdaq: CHRS) today announced the appointment of
Stephen Yeung, Vice President, as Interim General Manager of the CSI Sourcing
Division. Yeung will assume the day-to-day leadership responsibilities of
Executive Vice President Michel Bourlon, who has announced his resignation in
order to accept the position of Chief Executive Officer at Linmark Group Limited,
a publicly-traded global supply chain management and solutions provider. Bourlon
will continue at CSI during a transition period prior to embarking upon his new
role at Linmark.
Yeung will have responsibility for the management of the Company's CSI
Sourcing Division, which is headquartered in Hong Kong with additional offices in
China, India and Bangladesh. CSI manages the procurement of merchandise for the
Company's retail chains from approximately 15 countries, worldwide. Yeung will
report to Alan Rosskamm, the Company's Interim Chief Executive Officer and
Chairman of the Board.
Yeung joined Charming Shoppes' Hong Kong Sourcing Division in 1996 as
Director of finance with additional responsibilities for shipping, information
technology and administration. In 2001, he was promoted to Vice President and
Operating Officer for the Company's sourcing headquarters in Hong Kong, as well
as its branch offices throughout Asia. Yeung served as the Director of finance
and shipping at Leslie Fay Co., Inc. from 1988 until he joined Charming Shoppes.
He holds a Master's Degree in Business Administration from the Manchester
Business School at the University of Manchester.
Rosskamm commented, "We are very pleased to announce Stephen's role as
General Manager of our overseas sourcing operations. In his 13 years with the
Company, Stephen has been intimately involved with every facet of the business,
and we have every confidence in his success in this role. I would also like to
thank Michel for his service to Charming Shoppes, and wish him the best in his
future endeavors."
Rosskamm added, "Going forward, as we work toward transforming Charming
Shoppes into a vertical specialty store model, our CSI Sourcing Division will
play a significant role in increasing our percentage of internally designed,
developed and sourced product. Our plans are to develop and source our own
proprietary fashion merchandise, become more focused on fashion and less
commodities driven, and ultimately create an enhanced brand experience for our
customers through an improved assortment across each of our core brands."
At August 2, 2008, Charming Shoppes, Inc. operated 2,359 retail stores in 48
states under the names LANE BRYANT(R), FASHION BUG(R), FASHION BUG PLUS(R),
CATHERINES PLUS SIZES(R), LANE BRYANT OUTLET(R), and PETITE SOPHISTICATE
OUTLET(R). Additionally, the Company operates the following direct-to-consumer
titles: Lane Bryant Woman(TM), Figi's(R) and shoetrader.com. Please visit
Safe Harbor Statement
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 concerning
appointments of executives, the Company's operations, performance, and financial
condition. 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: the
failure to effectively alter our current business model to a vertical product
design business model, the failure to effectively implement our planned
consolidation, cost and capital budget reduction plans, the failure to implement
the Company's business plan for increased profitability and growth in the
Company's retail stores and direct-to-consumer segments, adverse changes in
costs, changes in or miscalculation of fashion trends, extreme or unseasonable
weather conditions, economic downturns, competitive pressures, and the adverse
effects of natural disasters, war, acts of terrorism or threats of either, or
other armed conflict, on the United States and international economies. 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 2, 2008, the Company's Quarterly Reports
on Form 10-Q and other Company filings with the Securities and Exchange
Commission. Charming Shoppes assumes no duty to update or revise its forward-
looking statements even if experience or future changes make it clear that any
projected results expressed or implied therein will not be realized.
SOURCE: Charming Shoppes, Inc.
CONTACT: Gayle M. Coolick, Vice President, Investor Relations, +1-215-638-6955
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