Charming Shoppes Achieves Savings and Visibility
Cass Expense Management Solutions Provide Value for Charming Shoppes, Inc.
ST. LOUIS, MO, May 06, 2010 (MARKETWIRE via COMTEX) --Cass Information Systems (Nasdaq: CASS) expense management solutions are providing real benefits for Charming Shoppes, Inc. (Nasdaq: CHRS). Through an enterprise-wide, expense management engagement with Cass, Charming Shoppes, Inc. is reporting improved processing efficiency, reduced costs and greater data visibility in the expense categories of utilities, telecom and parcel services. Charming Shoppes, Inc. operates 2,121 retail stores under the names LANE BRYANT®, FASHION BUG®, FASHION BUG PLUS®, CATHERINES PLUS SIZES®, LANE BRYANT OUTLET®, and CACIQUE®. The Company also operates the Figi's® Gifts in Good Taste catalog, specializing in holiday fare, gift-giving convenience, and exclusive and personalized items.
Working in multiple areas to enhance Charming's payables processes, Cass processes and pays Charming's invoices for telecom, utilities and parcel services. A byproduct of the invoice management process is the compilation of related expense data, which Cass converts to Web-based business intelligence, query and analysis tools. Charming can download the data and further customize its own reports.
Invoices for telecom, utilities and parcel services are considered "complex payables" due to their specialized processing requirements.
Complex payables require specialized processing for several reasons, including complex rate structures, frequent billing errors, the business value of the embedded data and penalties for late payments. These factors also combine to make the invoices more difficult to manage. In the case of utility and telecom invoices, additional processing steps are required to minimize late fees and service shut offs.
"The services we receive from Cass are definitely contributing to processing efficiency and reduced operating costs," commented Joe Coulter, Director of Cash and Disbursement services, Charming Shoppes, Inc. "In addition to the hard-dollar savings in each of the areas we've engaged Cass, we've benefited from significant visibility to data and opportunities that we would not have otherwise achieved on our own. Rather than focus solely on transactional processing, we are able to focus on applying best practices in managing our AP processes as well as delve into other cost containment opportunities."
"It is extremely gratifying when a client initiates with Cass in one area, and then broadens the relationship to include additional complex payables," commented Mark Murray, executive vice president, Cass Information Services. "We are very pleased to provide Charming Shoppes with a full array of Cass expense management services."
About Charming Shoppes, Inc.
Charming Shoppes, Inc. (NASDAQ: CHRS) is a leading multi-brand specialty apparel retailer primarily focused on plus-size women's apparel and the parent company of Lane Bryant, Lane Bryant Outlet, Fashion Bug and Catherines Plus Sizes. At January 30, 2010, Charming Shoppes, Inc. operated 2,121 retail stores in 48 states under the names LANE BRYANT, LANE BRYANT OUTLET, FASHION BUG, FASHION BUG PLUS, CATHERINES PLUS SIZES, and CACIQUE. The Company also operates the Figi's Gifts in Good Taste catalog, specializing in holiday fare, gift-giving convenience, and exclusive and personalized items. Headquartered in Bensalem, PA, Charming Shoppes employs approximately 27,000 associates. Please visit www.charming.com, www.lanebryant.com, www.fashionbug.com, www.catherines.com, www.cacique.com and www.figis.com for additional information about Charming Shoppes, Inc. and its brands.
Cass Information Systems, Inc. (NASDAQ: CASS) is the leading provider of transportation, utility and telecom expense management and related business intelligence services, disbursing $24 billion annually on behalf of its clients. With total assets exceeding $1 billion, Cass is a thriving business process outsourcer focused on invoice processing, auditing and payment services. Cass is uniquely supported by Cass Commercial Bank, founded in 1906. Today, Cass Commercial Bank is a wholly owned subsidiary, providing sophisticated financial exchange services to the parent organization and its clients. Cass is part of the Russell 2000(R) Index and was recently ranked #65 on the 2009 Fortune Small Business FSB 100 list of the fastest-growing public companies in America. More information is available at http://www.cassinfo.com.