Fashion Bug closing, holding clearance sales, following buyout of parent company
Mount Pleasant will soon lose a women's clothes merchant.
After months of ‘going out of business’ signs plastered on the walls of the business, Fashion Bug is expected to close in late December, along with 600 stores in 43 states.
According to the Detroit News, 35 Fashion Bug stores are currently having clearance sales with prices cut 40 to 60 percent. Locally, signs have been posted, advertising the sales on the crux of busy streets.
Petoskey freshman Lexi Achterhof said she was optimistic upon hearing the news.
“It’s always unfortunate to hear of a store closing, especially in this economy. But hopefully something new and fresh will move in and that will be good for the community,” she said.
The changes come as the result of Charming Shoppes Inc. getting bought out by Ascena Retail Group Inc., as part of an $890 million deal that also gave Ascena access to Lane Bryant and Catherines Plus Sizes, according to the Associated Press.
Ascena bought out Charming Shoppes Inc. and now owns all their branches, including Fashion Bug, the popular low-budget women’s clothing retailer.
The company has not released the numbers of employees whose jobs will be affected. Ascena financed the deal with available cash and $325 million in debt.
Port Sanilac freshman Lauren English said she’s never shopped with Fashion Bug, but has other concerns related to the store closing its doors.
“It's bad for us because there's already hardly anywhere to shop in Mount Pleasant, and I know Fashion Bug was affordable," she said.
With Fashion Bug closing, Mount Pleasant Shopping Center, 2227 S. Mission St., will soon have a new opening to fill.
“I haven't actually heard anything locally about them closing,” Jeff Gray, director of Planning and Community Development said.
Management at the Mount Pleasant Fashion Bug declined comment.