Add Charlotte Russe to the list of national chains going out of business, as the clothier – targeted at women in their teens and 20s – has confirmed that it is ceasing operations.
The company, based in San Diego, filed for bankruptcy protection last month, when it said it planned to close 94 of its 512 stores nationwide. However, in a court hearing in Wilmington, Delaware on Wednesday, Bankruptcy Court Judge Laurie Selber Silverstein approved the sale of Charlotte Russe’s assets to liquidation company SB360, paving the way for the closings.
Charlotte Russe has begun going out of business sales at all stores today, will accept gift cards through March 21 and will close all of its stores by of the end of April. Its online store has already closed.
Charlotte Russe had 8,700 employees at the time of the filing, all but 1,400 of whom were part-time workers. It also owned 10 children’s clothing stores under the Peek brand, which it acquired in 2016.
Launched in San Diego in 1975, Charlotte Russe was acquired in 2009 by private equity firm Advent International for $380 million, leaving it with $175 million of debt due in 2014. Hopes to launch an initial public offering that year were stymied by a sales downturn.
Charlotte Russe locations in the region include stores at the Danbury Fair, Stamford Town Center and Westfield Trumbull malls in Fairfield County, and at the Galleria White Plains and the Jefferson Valley Mall in Yorktown Heights in Westchester County.