Charlotte Russe closing all stores; liquidation sales start Thursday

08 March, 2019, 01:58 | Author: Billie Castillo
  • A shopper holds a Charlotte Russe bag while walking in a mall in Salem N.H. in 2018

USA Today reports the company had been facing bankruptcy for more than a year, initially announcing plans to renegotiate certain debts in hopes of a turnaround. Charlotte Russe has since switched gears and is closing all locations.

A spokesperson for the retailer confirmed it plans to liquidate. She said she did not know when the local store would close for good. A going out of business sale starts Thursday, March 7, at all its remaining stores. Almost 100 locations were affected by the initial Chapter 11 filing in February, including in Niagara Falls, New Hartford, Saratoga Springs and the Eastview Mall near Rochester.

The bankruptcy court also approved a total of $559,000 in bonuses for key company executives to keep them in place during the shutdown process.

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Charlotte Russe, founded in 1975 and based in San Francisco, is a retail company offering trendy clothing for women. The company has 664 stores throughout the United States. It was acquired in 2009 by private equity firm Advent International for $380 million. The company has more than 8,700 employees, USA Today reported.

A notice on the retailer's website reads "Going out of business". Payless ShoeSource and clothing retailer Gymboree both have followed that path to recent months.

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