Charlotte Russe closing all stores; liquidation sales starting immediately

Roman Schwartz
March 8, 2019

A retailer with several stores in the Ozarks announces it's closing.

According to an article from the " USAToday, the women's retail chain filed for bankruptcy back in February, and as of Wednesday evening, the women's clothing retail change will soon be closing its doors for good.

While Charlotte Russe moves forward with liquidation, a representative told MONEY the company is still "optimistic" about the future of the brand.

The company announced Wednesday evening on their website sales will start Thursday, March 7 at all remaining stores. The company will accept gift cards through March 21, and it will close all of its stores by of the end of April.

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Charlotte Russe is the latest in a long line of once-popular brick-and-mortar stores to shutter some, if not all, of their locations.

The 512 stores will close within the next two months following a bankruptcy filing, as reported by The Associated Press and other news organizations. The company also established Peek Kids in 2016, specializing in children's clothing. 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. According to its store locator, the company operates more than 650 stores in the US.

Founded in 1975 in San Diego, Charlotte Russe was purchased by private equity firm Advent International for $380 million in 2009. That loan principal grew by $80 million in the subsequent years. The company has over 8,700 employees who stand to lose their jobs. But a downturn in sales postponed the IPO plans indefinitely.

A notice on the retailer's website reads "Going out of business".

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