Figi's future uncertain - WAOW - Newsline 9, Wausau News, Weather, Sports

Figi's future uncertain


Figi's may soon have a new owner. It's all part of a multi-million dollar, multi-company deal. But those new owners say the future of the food and gift business is uncertain.

All parties involved say it's a quality company, that's run well. 

Right now, those new owners just own clothing stores. They say the Marshfield-based company doesn't really fit their mold.

Figi's has been delivering its products to customers all over the country for about 70 years. Its current owner, Charming Shoppes, is selling Figi's and its other stores as part of an $890 million deal.

What's next for Figi's is unclear.

While nothing is final yet, the deal is expected to go through in the next two weeks, and what will happen down the road to Figi's is still to be determined.

The future of a Marshfield-based business is now uncertain.That comes after its parent company was sold for close to $900 million.

Ascena Retail Group is buying Charming Shoppes, which owns Figi's. Leaders from both companies held a conference call yesterday to discuss the purchase. In the call, now posted on their web site, Ascena President and CEO David Jaffe discussed Figi's. "It is clearly a different type of business than our other brands. I will note, that it appears to have a good business model and a viable market opportunity with a dedicated infrastructure. Given those variables, we are exploring our options."

Charming Shoppes CEO and President Anthony Romano says the purchase will help his company move forward. "Our ability to capitalize on Ascena's powerful platform will allow us to quickly extend and enhance some of the initiatives we already have underway and for other opportunities that do not exist for us as a stand-alone company."

Romano did not directly discuss Figi's. 

Figi's representatives did not wish to comment and directed questions to Charming Shoppes. Leaders from both Ascena and Charming Shoppes did not return our calls.


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