Charming Shoppes Buys Crosstown Traders for $218M
Charming Shoppes Inc., which specializes in women's plus-size apparel, said yesterday that it entered into a definitive agreement to acquire Crosstown Traders Inc. from JPMorgan Partners, the private equity arm of J.P. Morgan Chase & Co., for $218 million in cash plus Crosstown Traders' debt.The acquisition has been approved by Charming Shoppes' board of directors and is expected to be completed in the second quarter.
Crosstown Traders has11 catalog titles. Its revenues last year were $460 million.
Charming Shoppes plans to continue to operate Crosstown Traders as a separate entity, which will remain at its Tucson headquarters.
