Published: Sat, March 09, 2019
Money | By Arnold Ball

Charlotte Russe 'Going out of business,' closing all its stores

Charlotte Russe 'Going out of business,' closing all its stores

The company has more than 8,700 employees.

A judge approved the sale of Charlotte Russe's assets to a liquidation company. A liquidator won the auction for Charlotte Russe inventory and assets valued at approximately $160 million with a DE bankruptcy court approving the plan to close ALL stores yesterday.

Charlotte Russe Holdings has struggled financially for several years now.

Charlotte Russe is closing more than 400 stores around the US, including at Gateway Mall in Lincoln.

Lakers! Did the Lakers’ inexperience hurt them this season?
James , a four-time MVP, is averaging 27.1 points , 8.6 rebounds and 8.0 assists per game in his first season in Los Angeles. James is now fourth on the list of points leaders, behind only Kareem Abdul-Jabbar, Karl Malone and Kobe Bryant .

Last month, the retailer said it would close the 94 stores and find a buyer that would keep the stores open.

Charlotte Russe, which also controls Peek stores, is the latest clothing retailer to suffer a blow from reduced foot traffic in shopping malls and increased competition from online retailers. Founded in 1975, the retail chain store is headquartered in California and operates stories in 45 states. But a downturn in sales postponed the IPO plans indefinitely.

"Going out of business", the site reads. That's what happened with USA operations of Toys "R" Us a year ago.

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

Like this: