Fashion Bug prez could get $375K from sale of chain
Charming Shoppes will pay a retention bonus and other incentives to keep MaryEllen MacDowell running Fashion Bug while it explores a sale.
As Charming Shoppes shops its Fashion Bug chain, it made a move to retain the executive who runs that division.
The Bensalem retailer has promised a retention bonus of $125,000 to MaryEllen MacDowell if she stays at Fashion Bug either through the closing of a sale or April 1 -- whichever comes first.
Oh, but there's more, according to a filing with the Securities and Exchange Commission.
MacDowell, who has run the Fashion Bug chain since June 2010, would receive a "project success incentive" of $250,000 if the closing date of Fashion Bug happens on or before April 1. Plus, the company has agreed to provide her with additional payments in connection with unvested stock appreciation rights, restricted stock units and a long-term incentive plans tied to a successful sale.
Charming Shoppes hired Barclays Capital to help it sell the 664-store Fashion Bug chain earlier this month. The company has said that it intends to focus on its faster-growing Lane Bryant plus-size brand and chain, which had 821 stores as of Oct. 29.