Charming Shoppes, Inc. Announces a New Equity Grant Under Nasdaq Marketplace Rule...

Charming Shoppes, Inc. Announces a New Equity Grant Under Nasdaq Marketplace
Rule 4350

BENSALEM, Pa., April 7 /PRNewswire-FirstCall/ -- Charming Shoppes, Inc.,
(Nasdaq: CHRS) a leading multi-brand apparel retailer specializing in women's
plus-size apparel, today announced that in connection with the appointment of
the Company's new President, Chief Executive Officer and Director, James P.
Fogarty, on April 2, 2009, the Company has granted 2,000,000 stock
appreciation rights ("SARs") to Mr. Fogarty of which 1,100,000 SARs were
granted without shareholder approval, as permitted by Nasdaq Marketplace Rule
4350(i)(1)(A)(iv). The SARs were granted as an inducement to Mr. Fogarty to
enter into an employment relationship with Charming Shoppes and become a
member of its Board of Directors. Each SAR represents the right to receive,
at exercise, a number of shares of Charming Shoppes' common stock with a then
fair market value equal to the appreciation in value of the shares over the
base amount. The base amount is $1.82 per share, the fair market value of
Charming Shoppes' common stock on April 2, 2009, the grant date.

The 1,100,000 SARs are subject to performance-based vesting and will vest in
four equal installments on the last trading day of each of Charming Shoppes'
next four fiscal years, subject to Mr. Fogarty's continued employment and the
closing price of Charming Shoppes' common stock equaling or exceeding 120% of
the base amount for any five consecutive days after April 2, 2009. These
performance-based SARs will be accelerated on the day on which the closing
price of Charming Shoppes' common stock equals or exceeds a certain target
stock price. However, the number of shares of Charming Shoppes' common stock
with respect to which the SARs become exercisable in a fiscal year will be
decreased to the extent necessary so that the aggregate spread (fair market
value of Charming Shoppes' common stock on the vesting date over the base
amount) in a particular fiscal year does not exceed certain specified amounts.
This press release is being disseminated in accordance with Nasdaq
Marketplace Rule 4350(i).

The remaining 900,000 SARs are subject to time-based vesting, pursuant to the
Company's 2004 Stock Award and Incentive Plan.

At January 31, 2009, Charming Shoppes, Inc. operated 2,301 retail stores in 48
states under the names LANE BRYANT(R), FASHION BUG(R), FASHION BUG PLUS(R),
CATHERINES PLUS SIZES(R), LANE BRYANT OUTLET(R), and PETITE SOPHISTICATE
OUTLET(R). Please visit www.charmingshoppes.com for additional information
about Charming Shoppes, Inc.

SOURCE Charming Shoppes, Inc.

Gayle M. Coolick, Vice President, Investor Relations of Charming Shoppes,
Inc., +1-215-638-6955