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Fashion Bug Sets Liquidation Sale

Joint venture formed to move $500 million in inventory.

Fashion Bug is going out with a bang.

The 568-door chain is holding a “Total Inventory Blowout Sale” across 39 states, liquidating $500 million in inventory at prices up to 50 percent off.

Ascena Retail Group Inc. acquired Fashion Bug along with Charming Shoppes Inc. and then decided in June to shutter the division. SB Capital Group, Tiger Capital Group and Great American Group formed a joint venture to conduct the sale.

Fashion Bug sells to the misses, juniors and plus-size customer.

The chain was founded in the Sixties with a store in Audubon, N.J., and peaked at more than 1,400 in the Nineties. More than 5,900 employees will help the joint venture through the sale process.