Charlotte Russe going out of business, closing all stores

Charlotte Russe Holdings Inc. announced on Wednesday that they would be closing all of their stores after filing for chapter 11 bankruptcy in February

This latest announcement on Wednesday means that Charlotte Russe will close its remaining 416 namesake stores and 10 Peek Kids stores.

Other major brands that have recently been forced to close stores include Payless ShoeSource, Bon-Ton, Victoria's Secret, Sears, Gymboree, and the Gap.

The company didn't want to shut down.

The Charlotte Russe location at both Premium Outlets and Patrick Henry Mall did not have any contact information for their corporate office.

A bankruptcy court on Wednesday approved the sale of the company's merchandise to the liquidation company.

In February the company announced it was filing for bankruptcy and closing almost 100 stores.

There is now a location at Coral Ridge Mall.

The company has more than 8,700 employees.

Charlotte Russe's plans to find a buyer who would keep it in business fell through when company was unable to secure an offer before the deadline set by its lenders. The company is one of a long line of brick-and-mortar retailers that have struggled and died after being acquired by private equity firms. In February 2018, the company announced a restructuring deal with its lenders that allowed it to slash its debt from $214 million to $90 million. That loan principal grew by $80 million in the subsequent years.

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