Charming Shoppes Completes Sale of Catalog Credit Receivables
Bensalem, Pa. Charming Shoppes Monday announced the completion of the sale of its misses catalog credit receivables on Nov. 14, and the increase in its funding capacity for its credit-securitization program.
Charming Shoppes closed on the sale of the misses apparel catalog credit-card receivables for $43.3 million in cash to World Financial Network National Bank, a unit of Alliance Data Systems Corp.
The sale, along with the elimination of funding-related cash-collateral requirements (less the prepayment of securitized indebtedness) resulted in net-cash proceeds to the company of $12.5 million.
"We are pleased to have completed these transactions, which have further increased our liquidity and strengthened our balance sheet," said Alan Rosskamm, interim CEO and chairman of the Board of Charming Shoppes.