Charming Shoppes' Settlement Offer Rejected

Bensalem, Pa. Charming Shoppes 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.

The company also announced that it intends to appoint Richard Bennet, III, former vice chairman of The May Department Stores, and Michael Goldstein, former chairman and CEO of Toys "R" Us, to the board promptly following the May 8 annual meeting of shareholders.