Monday, August 19, 2019

Going out of business sales at Charlotte Russe stores begin

By on March 8, 2019

Remaining 416 locations in 44 states, Puerto Rico to close

(By Cr.sf.olm)

SAN JUAN – Fashion retailer Charlotte Russe is going out of business and closing all of the company’s remaining 416 store locations after 44 years.

When filing for Chapter 11 last month, Charlotte Russe closed 94 stores. It operated in the contiguous 48 states, Hawaii and Puerto Rico through its online store and mobile app, as well as in more than 500 brick-and-mortar stores.

Going out of business sales started in stores in 44 states and Puerto Rico shopping centers Plaza Carolina, Plaza Las Americas and Plaza Del Sol. Charlotte Russe had 8,700 workers, most of whom worked part-time.

A U.S. Bankruptcy Court judge in Delaware named SB360 Capital Partners as agent for the liquidation. Inventory valued at approximately $160 million will be sold through the Charlotte Russe stores. The company’s intellectual property and rights to its leases will be sold separately.

Merchandise currently in the stores plus additional product from the distribution center and product originally designated to support the ecommerce platform, will be sold at discounted prices. Gift cards can be redeemed until March 21.

The California-based retailer was founded in 1975. Known as a shopping destination for young women seeking trendy apparel, shoes and accessories, sales at Charlotte Russe reached their peak in 2016 at $986 million.

Additional information regarding Charlotte Russe’s Chapter 11 filing and information about the claims process is available at www.donlinrecano.com/charlotterusse.

Charlotte Russe files petition for bankruptcy relief

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