Charming Shoppes, Inc. (“Charming”), a wholly owned subsidiary of Ascena Retail Group, Inc., announced last week the results of its tender offer (the “Tender Offer”) to purchase any or all of its outstanding 1.125% Senior Convertible Notes due 2014 (the “Notes”). The Tender Offer expired at 11:59 p.m., New York City time, on July 26, 2012.

Charming has been advised by Wells Fargo Bank, National Association, as trustee and paying agent in connection with the Tender Offer, that $139,229,000 in aggregate principal amount of Notes were validly surrendered for purchase, and not validly withdrawn. Charming has accepted for purchase all of the surrendered Notes. Following payment for such Notes, $1,222,000 aggregate principal amount of Notes will remain outstanding in accordance with their terms.

The trustee, paying agent and conversion agent for the Tender Offer is Wells Fargo Bank, National Association. For questions and information, please call the paying agent toll-free at (800) 344-5128.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SECURITIES.

About Ascena Retail Group, Inc.

Ascena Retail Group, Inc. is a leading national specialty retailer of apparel for women and tween girls, operating through its wholly owned subsidiaries, the dressbarn, maurices and Justice brands. The Company operates through its subsidiaries approximately 2,600 stores throughout the United States, Puerto Rico and Canada.

dressbarn offers casual, career and special occasion fashion apparel and accessories at value prices for women ages 35-55, and operates 838 stores in 48 states. maurices offers casual and career apparel and accessories at value prices to the fashion-conscious woman, ages 17-34 with a 20-something attitude, and operates 813 stores in 44 states and Canada. Justice offers trend-right apparel and accessories at value prices for tween girls ages 7-14 and operates 920 stores in 46 states, Puerto Rico and Canada.

For more information, visit www.ascenaretail.com, www.dressbarn.com, www.maurices.com and www.shopjustice.com.