NEW YORK, Nov 27 (Reuters) - The chief executive of Charming Shoppes Inc (CHRS.O) said on Tuesday she has purchased 50,000 shares of the women’s plus-size apparel retailer on the open market.
In a U.S. Securities and Exchange Commission filing, Dorrit Bern disclosed she had purchased the stock on Monday for prices ranging from $5.54 to $5.61, making her total cost about $280,000.
The purchase came as the company’s shares — which are down more than 60 percent this year — hit a new low.
For Bern, who has held the top spot at the retailer since 1995, it was her first open-market stock purchase since at least 2004, according to filing tracker InsiderScore.com.
Bern holds more than 1.2 million shares of the company, according to the filing.
Charming Shoppes shares hit their lowest level since January 2004 on Tuesday. Last week, the retailer posted a third-quarter loss, hurt partly by lower-than-planned sales, and cut its fiscal 2008 outlook for the fourth time this year.
Charming Shoppes shares were down 1.3 percent at $5.36 in late afternoon trading on the Nasdaq, just above a low of $5.31 hit earlier in the session. (Reporting by Emily Chasan; Editing by Gary Hill)