James P. Fogarty

Charming Shoppes said it would close 240 unprofitable stores in 2011, or nearly 12 percent of its total outlets. More than half of those closures would be Fashion Bug stores. The locations were not disclosed.

Charming Shoppes said Thursday that James P. Fogarty has stepped down as the company's CEO and has resigned from its board of directors.Anthony M. Romano, executive VP global sourcing and business transformation, has been promoted to COO and will oversee day-to-day operations until a new CEO is named. Michael Blitzer of corporate advisory firm Portsmouth Partners, LLC, will be joining the board and will serve as a consultant as the retailer searches for and transitions to a new chief executive.Charming Shoppes operates 2,094 retail stores nationwide under the banners Lane Bryant, Cacique, Fashion Bug and Catherines Plus Sizes.