Charming Shoppes sells credit accounts

Bensalem women's apparel retailer Charming Shoppes Inc., said today that it would sell 4.5 million customer credit card accounts to Alliance Data Systems Corp. for $110 million.

Under the transaction, expected to close by year's end, Alliance Data would assume operations and financing for all current and future accounts belonging to customers holding Lane Bryant, Fashion Bug and Catherine's credit cards. For years, the accounts had been issued, administered and financed in-house by Charming Shoppes.

James P. Fogarty, Charming Shoppes' president and chief executive, said he was "extremely pleased" with the deal, noting it would generate cash for the company while helping officials focus on the core business of selling clothes.    - Maria Panaritis