Charming Shoppes is another retailer trying to get rent reductions this year. Charming Shoppes is the parent company of women's apparel stores that include Lane Bryant, Fashion Bug, Catherines and Petite Sophisticate. They have closed over 160 stores in the past year. Globest.com says Charming Shoppes is working hard with landlors trying to reduce rents to survive in this tough retail climate.
"We're already seeing some of the benefits of rent reductions," said James Fogerty, president and chief executive officer, during the retailer's conference call. "We've got stores that are not making enough money, and we're working hard with our landlords to make sure that it makes sense for us to keep operating them. The best answer is for that landlord to partner with us, keep that store open and make us profitable."
The company is also focused on improving sales on other fronts after a tough first quarter. "We must stabilize and begin to grow profitable revenue," Fogerty said.
Charming Shoppes' net sales were down 16.1% in the first quarter of 2009 compared to 2008. Rent reductions could help the retailer return to profitability and keep stores open.
Charming Shoppes is another retailer trying to get rent reductions this year. 
