Charlotte Russe closing stores, liquidation sales start Thursday
SAN DIEGO - Charlotte Russe will close all of its stores and is in negotiations to sell its intellectual property, according to USA Today.
In a Wednesday court hearing in Wilmington, Delaware a judge approved the sale of Charlotte Russe's assets to SB360 Capital Partners LLC, a liquidation company. Court documents say store liquidation sales "shall commence no later than March 7" and end "no later than April 30."
USA Today reports that the company filed for Chapter 11 bankruptcy protection in early February. The chain also put itself up for sale and said if it didn't find a buyer it would liquidate.
Charlotte Russe, which also controls Peek children's clothing stores, has more than 500 stores in 49 states and Puerto Rico. The company also employs more than 8,700 people.