Charming Shoppes to close 240 stores

BENSALEM, Pa. -- Charming Shoppes said it would close 240 unprofitable stores in 2011, or nearly 12% of its total outlets, and that more than half of those would be Fashion Bug stores. 

 The locations were not disclosed.

The company said all 30 of its Catherines Plus Sizes stores in outlet locations would be shuttered over a two-year period.

The store closing news came on the heels of the retailer’s announcement it had named interim CEO Anthony M. Romano as president and CEO, replacing James P. Fogarty, who retired in October.

The company, which operates 2,064 stores in 48 states, lost $30.4 million in the fourth quarter, compared with a loss of $28 million in last year's fourth quarter.