Charming Shoppes to cut back on new stores

BENSALEM , Pa. Charming Shoppes plans to cut its planned store openings for fiscal 2009 by 50% as compared to fiscal year 2008, in addition to the closing of its Petite Sophisticate chain. The company said it was also closing approximately 150 underperforming stores, including approximately 100 stores at the Fashion Bug chain.

The company reported a fourth quarter net loss of $128.7 million, on a GAAP basis, or $1.10 per diluted share. This compares to net income of $24.9 million or 19 cents per diluted share for the fourth quarter ended Feb. 3, 2007.