Charlotte Russe closing all stores, liquidating

Muriel Colon
March 9, 2019

The company has over 8,700 employees who stand to lose their jobs. Charlotte Russe has since switched gears and is closing all locations. All liquidation sales began on Thursday, March 7.

Charlotte Russe's online selling operation has halted.

At the time of the Chapter 11 filing, Charlotte Russe had 500 stores in malls around the country.

Last month, the retailer filed for bankruptcy and announced it was closing 94 stores including a store at the York Galleria Mall in Springettsbury Township. It also owned 10 stores under the Peek brand, which sold children's apparel.

Founded in 1975 in San Diego, Charlotte Russe was purchased by private equity firm Advent International for $380 million in 2009. It was acquired in 2009 by private equity firm Advent International for $380 million. A year ago, the company had reworked deals on some debts. But a downturn in sales postponed the IPO plans indefinitely. That's what happened with U.S. operations of Toys "R" Us a year ago.

Online, the company is advertising its going out of business sale.

This announcement follows similar retailer financial woes, including Victoria's Secret, Payless ShoeSource and Gymboree.

Other reports by

Discuss This Article