Egan-
Commenting on today's announcement,
In its May 1, 2008 report, Egan-Jones stated: "We believe that support for the slate of directors presented by the management is in the best interest of the Company and its shareholders. The current Board and management team have a record of navigating through difficult economic environments. During the economic downturn in 2002 and 2003, the Board and management team implemented a series of initiatives to control inventory, reduce overhead costs, refocus the growth of core brands through merchandising and store execution, and further developed Lane Bryant - Charming Shoppes' primary growth vehicle today, which had been acquired in 2001."* * Permission to use quotation was neither sought nor obtained. YOUR VOTE IS IMPORTANT - RE-ELECT YOUR DIRECTORS BY VOTING THE GOLD PROXY CARD TODAY
Charming Shoppes recommends that all shareholders support the Board and reject all of the dissident group's nominees. It is important to remember that only the latest dated proxy counts in a contested election such as this. For this reason, shareholders are urged to vote only Charming Shoppes's GOLD proxy card and to throw away the dissident group's white proxy card. If shareholders have previously voted a white card, even to withhold their vote from the dissident group's nominees, they are urged to please take the time today to vote the GOLD proxy card.
Charming Shoppes shareholders who have any questions or need assistance voting their GOLD proxy card should please contact MacKenzie Partners, Inc., which is assisting the Company in this matter, toll-free at (800) 322-2885 or charming@mackenziepartners.com.
At
Forward-Looking STATEMENTS
This press release contains certain forward-looking statements concerning
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 consummate
our identified strategic solution for our non-core misses apparel catalog
titles and the refinancing of certain real estate assets, the failure to
effectively implement our planned cost and capital budget reduction plans, the
failure to effectively implement the Company's plans for consolidation of the
Catherines Plus Sizes brand, a new organizational structure and enhancements
in the Company's merchandise and marketing, the failure to generate a positive
response to the Company's new Lane Bryant catalog and the Lane Bryant credit
card program, 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, the failure to successfully implement the Company's
expansion of Cacique through new store formats, the failure to achieve
improvement in the Company's competitive position, adverse changes in costs
vital to catalog operations, such as postage, paper and acquisition of
prospects, declining response rates to catalog offerings, the failure to
maintain efficient and uninterrupted order-taking and fulfillment in our
direct-to-consumer business, changes in or miscalculation of fashion trends,
extreme or unseasonable weather conditions, economic downturns, escalation of
energy costs, a weakness in overall consumer demand, the failure to find
suitable store locations, increases in wage rates, the ability to hire and
train associates, trade and security restrictions and political or financial
instability in countries where goods are manufactured, the interruption of
merchandise flow from the Company's centralized distribution facilities,
competitive pressures, and the adverse effects of natural disasters, war, acts
of terrorism or threats of either, or other armed conflict, on
Additional Information
On
If you have any questions, require assistance with voting your GOLD proxy card, or need additional copies of proxy material, please call MacKenzie Partners at the numbers listed below.
105 Madison Avenue New York, NY 10016 charming@mackenziepartners.com (212) 929-5500 (Call Collect) Or (800) 322-2885 (Toll-Free)
SOURCE Charming Shoppes, Inc.