Charming Shoppes' settlement offer to Crescendo and Myca rejected

BENSALEM, Pa. Charming Shoppes announced that it has made a proposal to settle the proxy contest related to the company's 2008 annual meeting of shareholders. Crescendo Partners and Myca Partners have rejected this settlement offer, which included an offer of a seat on the Charming Shoppes' board to Michael Appel, one of the committee's director nominees.

Additionally, the company announced that it intends to appoint to the board, promptly following the May 8 annual meeting of shareholders, two experienced retail executives with significant industry experience: Richard Bennet, III, former vice chairman of The May Department Stores, and Michael Goldstein, former chairman and ceo of Toys "R" Us.

Katherine Hudson, lead independent director of Charming Shoppes' board of directors said, "We are pleased with the prospect of adding additional qualified, independent directors with proven retail industry experience to our board, and are delighted to have attracted new board members with the wealth of knowledge and solid retail experience that Rick and Mike possess. Rick's leadership and management experience in the retail industry spans more than 30 years and Mike's far-reaching retail and financial executive careers encompass more than 35 years. We are confident that the new perspectives they can provide will be extremely valuable to the company as we continue to strengthen our business."