Charlotte Russe to liquidate, close all stores

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Charlotte Russe closing all stores (Photo: MGN/Cropped Photo: Phillip Pessar/CC BY 2.0)

(CNN/WWAY) — Charlotte Russe will close all of its stores over the next two months. The women’s clothing company joins a growing group of retailers that couldn’t survive bankruptcy.

The company didn’t want to shut down. It filed for bankruptcy protection a month ago and announced plans to close only 94 of its 512 stores nationwide. The goal was to use the bankruptcy process to shed debts and sell to a buyer who would keep it in business.
But those hopes fell apart this week when liquidator SB360 Capital Partners won the auction in bankruptcy court for Charlotte Russe’s $160 million worth of inventory, and other assets.
The plan to shut down was approved Wednesday by the bankruptcy court in Delaware.
SB360, which describes itself as “one of the oldest, most experienced companies in the country conducting store closing and going out of business sales,” announced Charlotte Russe would start going out of business sales at all stores as of Thursday.
The company will accept gift cards through March 21, and it will close all of its stores by of the end of April.
The Charlotte Russe’s website showed that the online store had closed and going out of business sales had started at all stores.
There is a Charlotte Russe in Wilmington at Independence Mall.