Charming Shoppes names new CEO

Bensalem, Pa. Charming Shoppes, which operates Lane Bryant and Fashion Bug women's wear stores, on Friday named James Fogarty chief executive, effective immediately.

Fogarty replaces Dorrit J. Bern, who left in July 2008. Chairman Alan Rosskamm has been serving as interim chief executive.

Fogarty was previously managing director of Alvarez & Marsal, a professional-services firm. While at A&M, he served as president and chief operating officer of Lehman Brothers Holdings, which collapsed amid the credit crisis late last year.

Charming Shoppes has reported a loss in the past three quarters as consumers cut back on spending. It is in midst of a turnaround plan including cutting jobs, reducing capital expenditure and closing its Figure Magazine and shoetrader.com.