Charlotte Russe to close all stores, liquidation sales begin

09 March, 2019, 05:40 | Author: Sally Reid
  • A shopper holds a Charlotte Russe bag while walking in a mall in Salem N.H. in 2018

The company has over 8,700 employees who stand to lose their jobs.

In a Wednesday court hearing in Wilmington, Delaware a judge approved the sale of Charlotte Russe's assets to SB360 Capital Partners LLC, a liquidation company. It also said liquidation sales would start March 7.

Charlotte Russe Holdings has struggled financially for several years now.

Charlotte Russe operates in the contiguous 48 states, Hawaii, and Puerto Rico through their online store and mobile app, as well as over 500 brick-and-mortar stores located primarily in malls and outlet centers.

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Charlotte Russe started in San Diego in 1975.

The company originally filed for Chapter 11 bankruptcy protection in early February, outlining a plan to close 94 stores. It had stores in every USA state except Alaska at the time of its bankruptcy filing. It also owned 10 stores under the Peek brand, which sold children's apparel. Among the other stores are Toys R Us, Barnes & Noble, Macy's and Sears.

Online, the company is advertising its going out of business sale. Payless ShoeSource and clothing retailer Gymboree both have followed that path to recent months.

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