MELVILLE, NY--(Marketwire - Nov 13, 2012) - A&G Realty Partners, a commercial real estate consulting and investment group, announced that it has been retained by Charming Shoppes, Inc. to manage exclusively the resolution of all remaining Fashion Bug real estate leases in the United States. On June 14, 2012, Ascena Retail Group, Inc. (NASDAQ: ASNA), a leading national specialty retailer of apparel for women and tween girls, acquired Charming Shoppes, Inc. and announced plans to cease operating and close down the FASHION BUG® business by early 2013.
Jonathon Graub, Executive Vice President of Real Estate of Charming Shoppes, said, "We're pleased to be working with A&G Realty Partners to wind down our remaining Fashion Bug store leases, given the A&G team's strong experience and record of success in this area. Their professionalism and deal-making expertise will help to make this process a win-win for all parties involved."
"We expect this group of Fashion Bug locations to generate very strong interest from a variety of retailers. We're faced with a lack of new real estate development and that, combined with favorable lease terms in strong markets, creates a unique opportunity for merchants looking to open in these geographies," noted Emilio Amendola, Co-President of A&G Realty Partners. "The Fashion Bug leases have already gained attention from a number of retailers looking to open for business during the next three months, as well as developers who are revitalizing their shopping centers." He added, "It is not every day a portfolio becomes available which includes a great variety of real estate sites all over the country."
The 258 leases that are available for assignment or sublease range from 5,000 to 12,000 square feet, and are available in the following locations: Arizona (4), California (12), Colorado (1), Connecticut (6), Delaware (2), Florida (3), Iowa (2), Illinois (12), Indiana (12), Kentucky (9), Massachusetts (12), Maryland (6), Maine (3), Michigan (14), Minnesota (3), Montana (11), Nebraska (2), New Hampshire (3), New Jersey (12), New Mexico (2), Nevada (1), New York (22), Ohio (19), Oklahoma (1), Oregon (5), Pennsylvania (38), Rhode Island (1), Tennessee (1), Texas (7), Virginia (7), Washington (9), Wisconsin (10), West Virginia (5) and Wyoming (1).
For more information regarding the disposition assignment, please contact Emilio Amendola at (631) 465-9507 or firstname.lastname@example.org.
About Ascena Retail Group, Inc.
Ascena Retail Group, Inc. is a leading national specialty retailer of apparel for women and tween girls, operating through its wholly-owned subsidiaries, the Justice, Lane Bryant, maurices, dressbarn, and Catherines brands. The Company operates through its subsidiaries approximately 3,800 stores throughout the United States, Puerto Rico and Canada. For more information, visit www.ascenaretail.com, www.shopjustice.com, www.lanebryant.com, www.cacique.com, www.maurices.com, www.dressbarn.com, and www.catherines.com.
About A&G Realty Partners
Emilio Amendola and Andrew Graiser launched A&G Realty Partners in July 2012, and have established a national platform which includes offices in New York, Chicago and LA. They have been working together for over 20 years, during which time they established, individually and as a team, a national, industry-wide reputation for integrity, persistence, and creativity, while achieving unparalleled results. Together, they have managed the largest retail disposition and restructuring projects in North America, assisted the full spectrum of retailers from troubled to healthy, created and successfully executed strategies on out-of-court transactions that have allowed more than 35 companies to avoid chapter 11, and have helped more than 100 healthy retailers dispose of or restructure real estate, and assisted them in acquisitions or non-core divestitures.
For more information, please visit www.agrealtypartners.com.