Wednesday, 20 March, 2019

Charlotte Russe to close all of its stores

Charlotte Russe closing stores, liquidation sales start Thursday Charlotte Russe to close all remaining stores
Russell Knight | 07 March, 2019, 23:25

FOX 13 - almost a month after Charlotte Russe filed for Chapter 11 bankruptcy, the retailer announced it will go out of business - effective immediately. All liquidation sales began on Thursday, March 7.

The women's fashion retailer filed for bankruptcy last month and said it would liquidate completely if it couldn't find a buyer. The stores are located primarily in malls and outlet centers. In the court filing, the company said it "suffered from a dramatic decrease in sales and in-store traffic" and struggled with "the burden of maintaining a large brick-and-mortar presence".

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Founded in 1975 in San Diego, Charlotte Russe was purchased by private equity firm Advent International for $380 million in 2009. The company also established Peek Kids in 2016, specializing in children's clothing.

On Wednesday evening, Charlotte Russe posted an online notice on its website, "Going out of business". That includes all of the brand's online retail inventory, which will be shipped to physical locations for sale.

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