Charlotte Russe Will Close All Of Its Stores And Start Liquidation

Discussion in 'News - Breaking News & Political Forum' started by Always~Wear~Joy, Mar 7, 2019.

  1. Always~Wear~Joy

    Always~Wear~Joy Well-Known Member

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    [​IMG]


    Charlotte Russe will close all of its stores and start liquidation
    KELLY TYKO | USA TODAY
    Updated 35 minutes ago

    Charlotte Russe will close all of its stores and is in negotiations to sell its intellectual property, the company confirmed Wednesday.


    “We are partnering with the buyer and remain in talks to sell the (intellectual property), are optimistic about the future of the brand, and remain in ongoing negotiations with a buyer who has expressed interest in a continued brick and mortar presence to continue to serve our loyal customers in the future,” the fashion retailer said in a statement to USA TODAY.

    In a court hearing in Wilmington, Delaware, on Wednesday, Judge Laurie Selber Silverstein approved the sale of Charlotte Russe's assets to SB360 Capital Partners LLC, a liquidation company.



    The Charlotte Russe online store has closed and says the in-store liquidation starts Thursday. Like with other liquidation sales, all sales are final.

    The last day to use gift cards is March 21.

    [​IMG]

    Charlotte Russe
    PROVIDED
    Store closings 2019: Payless, Gymboree and Victoria's Secret are just some of the brands closing stores

    Mistaken identity: No, really, these stores aren't closing even though they share names with bankrupt chains


    SB360 Capital Partners, describes itself on its website as "one of the oldest, most experienced companies in the country conducting Store Closing and Going Out of Business Sales." It's an affiliate of the Schottenstein family, which also owns DSW Inc. and American Eagle Outfitters.

    Charlotte Russe Holdings had been teetering on the edge of bankruptcy for some time, having announced a deal to renegotiate certain debts more than a year ago.

    The San Diego-based mall chain filed for Chapter 11 bankruptcy protection in early February and outlined plans to close 94 stores. The chain also put itself up for sale and said if it didn't find a buyer it would liquidate.

    The company, which also controls Peek children's clothing stores, caters its items toward women's fashion and has more than 500 stores in 49 states and Puerto Rico. In its filing, the company said it had received a bankruptcy financing package worth up to $50 million to help it continue operating.

    The bankruptcy marks the latest in a series of similar cases among mall retailers that have been unable to identify a sustainable path amid declining foot traffic and intense digital competition.

    The company has more than 8,700 employees.
     
  2. IslandMummy

    IslandMummy LHCF "Strong In Our Wrong" Hell in HB Crew

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    What the hell? Gymboree, Janie and Jack, Payless, Charlotte Russe (who have great jeans FYI). This is a mess.
     
  3. sarumoki

    sarumoki Epicurean Empress

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    Aww, liked their stuff. But I always forget they exist until I see the actual store in the mall. And I never go to the mall. I suspect that might have been their problem.
     
  4. Laela

    Laela At Home, in Mela Nation

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    Amazon.. lol

     
  5. Southernbella.

    Southernbella. Well-Known Member

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    I shop online 90% of the time so I'm part of the problem but dd loves going to the mall. It makes me sad to see retail stores dying this way.
     
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  6. Atthatday

    Atthatday Every knee shall bow...

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    And Another One Bites The Dust, more malls will be joining the ranks very soon, unfortunately.
     
  7. Akemi

    Akemi Well-Known Member

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    Janie and Jack is being purchased by Gap now. I had loaded my cart up with a bunch of baby dresses at 40% off then got an email from them saying they’re “joining the Gap Family”. All the items in my cart went right back up to full price. Sigh.
     
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  8. Laela

    Laela At Home, in Mela Nation

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    Yeah...it's unfortunate because malls serve more of a social role and is a good gathering place for an area's "neighbors"...there's a defunct mall in Atlanta are that is being turned into a cricket stadium....

    As more and more people shop online and get food/clothes/household goods delivered right to their doorstep, the mall as we know it will be used as other venues, not for shopping..



     
  9. RoundEyedGirl504

    RoundEyedGirl504 Well-Known Member

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    I told my 20 something cousin. She said good, their clothes fall apart LOL! I haven't been in there in a while and that was for something for the 10 years old in the family.
     
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  10. naturalgyrl5199

    naturalgyrl5199 Well-Known Member

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    GAP in my mall closed. I hadn't been to the mall in months so my mind was blown. It had been here over 20 years.
     
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  11. MilkChocolateOne

    MilkChocolateOne Well-Known Member

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    I loved their refuge jeans. They fit so well. :cry:
     
  12. Dposh167

    Dposh167 Well-Known Member

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    I aged out of that store. So it doesn't matter to me. But it was definitely a hot spot when I was a teen
     
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  13. NaturalEnigma

    NaturalEnigma Well-Known Member

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    Awwww, I used to love that store in my teenage and college years. I agree with what another poster said I aged out of it. The quality went down hill too, so I didn’t bother to shop there anymore.
     
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  14. IslandMummy

    IslandMummy LHCF "Strong In Our Wrong" Hell in HB Crew

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    Damn and they only bought it for 35 million.

    I have three pairs of the refuge jeans. They are perfect to run errands in.
     
  15. Chromia

    Chromia Well-Known Member

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    I'll miss that store. I'm supposed to be in the 'aged out' group but I still like them. I usually get a Charlotte Russe sweater for Christmas and it's always a gift that I like.
     
  16. momi

    momi Well-Known Member

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    My girls love their skinny jeans -
     
  17. SoopremeBeing

    SoopremeBeing Well-Known Member

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    They were nothing but a Wet Seal with a different name, IMO.

    But yes, several factors contributed to the demise of Charlotte Russe and others:

    1) Amazon. They have everyone by their throats.

    2) Forever 21 has stepped it up in recent years, with better merchandise and a REAL return policy. I’ve aged out of the F21 but I still go everytime I’m in the mall. And usually I still find something cute.

    3) With the rise closing retailers, many malls are looking more bare-boned than usual. So it’s becoming less of a fun trip, and more out of necessity. I also believe that folks are turning towards outlet malls as well.

    4) Big box retailers like Target(I love bringing up Target at work...they swear the Target stores are empty, but the Dow Jones says different) are also stepping up their merchandise and the shopping experience in order to compete with Amazon. They have added actual Visual Merchandising teams from HQ to the field. Their latest venture is a new Intimates line, which spits right in the face of Victoria’s Secret and the 50-plus stores they announced are closing.

    It’s getting real out there, but sadly, only a few retailers are willing to do the work to compete.
     
  18. hunnychile

    hunnychile Well-Known Member

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    Charlotte Russe was full of cheap junk anyway. And I will be swinging by to see if any of that cheap junk is something I might like. :look:
     
  19. gn1g

    gn1g Well-Known Member

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    Charlotte's have some of the best jeans, IMO
     
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  20. oneastrocurlie

    oneastrocurlie Well-Known Member

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    All this. Especially #4.

    Brick and mortar stores gotta step their in store experience game up. All the stores that are closing had nothing special going on. Same ol same boring experience.
     
  21. MizAvalon

    MizAvalon Well-Known Member

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    Exactly. All of these fast fashion places need to take a page from Fashion Nova's book.
     
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  22. Evolving78

    Evolving78 Well-Known Member

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    I refuse to dress a certain way because of my age.
     
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  23. Theresamonet

    Theresamonet Well-Known Member

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    I forgot about them. We had one right downtown that closed years ago. I just looked up their locations in Chicago, and there are only two in surrounding suburbs. I’m not going that far. RIP Charlotte.
     

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