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Ascena completes Charming Shoppes tender offer
Suffern, N.Y. -- Ascena Retail Group Inc. announced it has successfully completed its tender offer for Charming Shoppes Inc.'s outstanding shares.
Ascena announced in May it that was buying Charming Shoppes, whose banners include Lane Bryant, Fashion Bug, and Catherines Plus Sizes, for about $890 million.
Charming Shoppes will become an Ascena subsidiary and will stop trading on the Nasdaq and Chicago Stock Exchange once the transaction is complete. Ascena’s retail subsidiaries include Dressbarn, Maurices and Justice.
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U.S. retail sales dropped 2% in May
New York -- U.S. retail sales declined in April and May, pulled down by a sharp 2.2% drop in gas stations sales in both months, the Commerce Department said Wednesday.
But excluding volatile gas station sales, retail sales increased only modestly in May and dipped in April.
Total retail sales fell in April to $404.6 billion, slightly below March's record level of $406.2 billion and 21.6% higher than the recession low hit in March 2009.