Charlotte Russe, a mall staple for 44 years, is going out of business.
The young women’s apparel retailer filed for Chapter 11 bankruptcy on February 3, 2019, with plans to close about 95 of its 500-plus stores while continuing to pursue a sale of its business and assets. It said at the time it would liquidate if a buyer did not step up.
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. In a court hearing on Wednesday, March 6, a bankruptcy court judge named SB360 Capital Partners as agent for the liquidation. Inventory valued at approximately $160 billion will be sold through the Charlotte Russe stores. The company’s intellectual property and rights to its leases will be sold separately so there is a chance the Charlotte Russe brand will not totally disappear.
SB360 said that going-out-of-business-sales have started in Charlotte Russe’s remaining 416 stores across 44 states and Puerto Rico, and that its online store has been shuttered. Gift cards will be redeemed through March 21, and all stores will be closed by the end of April.
In 2009, Charlotte Russe was acquired by private equity firm Advent International for $380 million. 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. But its sales have sagged as the retailer was unable to keep up with faster-moving fast-fashion rivals such as H&M amid a harsh climate for mall-based teen apparel retailers. In September, the company hired Berkeley Research Group to start exploring a possible restructuring.
Beth Conway
Wendy Applegate Vassar will need to buy a lifetime of high waisted jeans this weekend
Beth Conway better get there quick.
Sara Dziekan??
Angelica Arocho nOOO WTF
Abbie Smith
Anna Koscielicki you love this store
Julie Koscielicki-Colon oh no i do love that store!
Julie Koscielicki-Colon oh no i do love that store!
Teena Spins O’Connell
When the mall is empty they should make a giant indoor skatepark
it will become a giant dollar store
it will become a giant dollar store
Chris Sy Ga Ga https://dfw.cbslocal.com/2019/03/06/dollar-tree-closing-family-dollar-stores/
Linda Glashan
Vanessa Diaz
Alexis Kleva
Juliana Hoolayz Nase
Lauren Kazanjian ahhh nooo!!!
Ashlee Atterbury
Helena Michele
Samantha
Halee Houser
Kaycee Houser noice
Anne Scafuri
Nelson Thivierge ? time to go shopping ?
Desiree Levano
Jade Mehler oh shit
Desiree Levano shopping malls will be a thing of the past.
Carina Ruvalcaba
Ashley Danielle we should have gone here lastnight too!
Larissa Monique Perez Marie Perez
Mmmmm
Emily Covella UGHH!!!!!!
Samantha Blaschke time for a shopping spree
Hollie Renae you already know!
Katie Zigo better tell jess
Katie Dollinger BRUH
Rachel DeFeis omg lemme get all their jeans lol
Rhea Cindell gets Charles Macchia to hook you up
?
Brian Toucher were going shopping this weekend
Juliana Varela yes dear ???
Brian Toucher ??
Jayleen Emily Gonzalez
Laura Martin Casey Douglas
Teddi Douglas noooo?
I mean one last shopping spree tho?? Hahaha
Teddi Douglas yessss they will probably have everything on sale
Teddi Douglas raven lmao ?
??
Shopping day ladies !!! ?
Teddi Douglas yessss !
Nicole ??
Last person in the mall please shut the lights . It is accelerating with amazing speed. The mall will be obsolete like the telephone booth if this keeps up!
Wonder which one are closing I know the one I worked at just opened about 3 years ago will be going we were always slow and mostly just played around in the store…black Friday we watched movies b.c no one shopped from 12 am to 9 am when I left
Allison DeStefano it says all of them right in the first sentence
When you read it says 95 of 500
Josie Schembari
Cassandra Colello I heard this this morning. There’s going to be nothing left in this mall
I know! All empty stores
Gina Racaniello
Jac Lyn hopefully some good sales
Although I have been having a hard time finding stuff I like there
Gina Racaniello same but maybe we can find some basic stuff like t shirts and what nit
Samantha Lynn
The Ocean County Mall is close itself soon! Haha
Well that stinks… Kelly Brown
Lindsay Brown omg!!!!!
Samantha Posta
John Sahlberg i’m going with Julia tomorrow ???
Wellllll I’ll be there either Saturday or Sunday
Samantha Posta not much left in brunswick square mall store was pretty empty already
Jennifer Adeline-Rose
Jessica Lynn whhhhhhhyyyy ots my favorite store!!
Jennifer Adeline-Rose we have to go before they close!
Dee-Dee Copes
Amanda Heinold
Kimberly yup we gotta go!!
Ocean country mall is a ghost town .. There are more stores closeing or out in that mall
Ashley Marie
Melina Alfaro Gabi Scor
Serafina Scorsone hmmmmm
Stephanie Mercer great now where do I shop
Meghan Hulley same this is awfil
Meghan Hulley same this is awfil
Awful
Randi Kinzley-brokaw
Sami Marie NOOOOOO ?
First of all the prices for cheap made clothes would be one reason, besides Wal-Mart has much nicer thing for the young generation.
There isnt going to be anything left at this mall.
Katie Scarlett guess we’re going to the mall on Sunday after Dennys and Nightcap ???
Jess Santora
Kelsy Kroesch we going shopping
Amber Taranto nooooo
I don’t think the Ocean County Mall can’t take too many more stores going out of business! ?♀️
Mercedes Love Tiana Gittens
Tiffany Hibberd… we gotta go
Christie Covella Vannote yesss lettts goooo!
Megan Memi Flynn
Chasity Tiknis
Michelle Johnson we were just talking about this in our work text.
Michelle Johnson ???? time to shop for summer lol
Oh no, Kristina. One of your favorite stores!
Noelle DeSanti Victoria Napolitano
Heather Doheny
Bummer
Cassidy Pfluge
Kimberly Jennings
Meghan Jennings I know!! Where the heck am I gunna shop now ?☹️
Kimberly Jennings Maybe you’ll be lucky and ours will stay open!
Meghan Jennings Sure hope so!
Devon Schmiedeberg
Adrienne Biscardi
yeah…cause when I think of the mall…i think of Charlotte Russe…
Carli King