Ascena Retail Group, Inc. Successfully Completes Tender Offer for Shares of Charming Shoppes, Inc.

SUFFERN, N.Y.--(BUSINESS WIRE)--Ascena Retail Group, Inc. (NASDAQ: ASNA) and Charming Shoppes, Inc. (NASDAQ: CHRS) today jointly announced that Ascena has successfully completed its tender offer for the outstanding shares of common stock of Charming. The depositary for the offer has advised Ascena that, as of the expiration of the offer at 12:00 midnight, New York City time, on Tuesday, June 12, 2012, a total of approximately 95,742,871 Charming shares were validly tendered in the offer and not withdrawn (including approximately 3,772,371 shares delivered through notices of guaranteed delivery), representing approximately 81.5% of the outstanding common stock of Charming. Shares tendered through notices of guaranteed delivery are required to be delivered to Ascena by Friday, June 15, 2012. Ascena, through a designated wholly owned subsidiary, will accept for payment in accordance with the terms of the Offer all shares that were validly tendered and not withdrawn prior to expiration of the offer (including all Shares delivered through notices of guaranteed delivery), and payment for such shares will be made promptly, in accordance with the terms of the offer.