Women’s clothing retailer Charlotte Russe today (March 7, 2019) announced plans to shutter all doors. The San Diego-based, 560-door chain filed for Chapter 11 bankruptcy protection on February 4, 2019 an initially plan to close 94 stores and restructure. However, the chain wasn’t able to find a buyer and will now close all 416 locations. Before it declared bankruptcy Charlotte Russe employed approximately 8,700 individuals.
Liquidator SB360 Capital Partners won the auction in bankruptcy court for Charlotte Russe’s $160 million worth of inventory and other assets, and will manage the liquidation sale.
The online store has already been shut down. The liquidation sale begins on March 7th and the last day to use gift cards is March 21st. All stores are expected to be closed by April 30.
Charlotte Russe was founded in 1975 by Daniel Lawrence and his two brothers, all of whom worked in their family’s Brooklyn-based clothing business. Investment firm Saunders Karp & Megrue purchased the chain and took it public in 1999. In was purchased in 2009 by Avent International, which converted it back into a private holding