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Charlotte Russe Closing All Stores

Charlotte Russe has announced its stores are going out of business.

A banner on its website said the online store had closed. It also said Liquidation Sales would start March 7.

There is currently a location at Coral Ridge Mall.

Charlotte Russe, founded in 1975 and based in San Francisco, is a retail company offering trendy clothing for women.

In a court hearing in Wilmington, Delaware, on Wednesday, Judge Laurie Selber Silverstein approved the sale of Charlotte Russe’s assets to SB360 Capital Partners LLC, a liquidation company.

According to court documents, store liquidation sales “shall commence no later than March 7” and end “no later than April 30.”

Like with other liquidation sales, all sales are final.

The company, which also controls Peek children’s clothing stores, caters its items toward women’s fashion and has more than 500 stores in 49 states and Puerto Rico. In its filing, the company said it had received a bankruptcy financing package worth up to $50 million to help it continue operating. 

The bankruptcy marks the latest in a series of similar cases among mall retailers that have been unable to identify a sustainable path amid declining foot traffic and intense digital competition.

The company has more than 8,700 employees.

This post first appeared on Gigionthat, please read the originial post: here

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Charlotte Russe Closing All Stores


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