Charlotte Russe 'Going out of business,' closing all its stores

Charlotte Russe 'Going out of business,' closing all its stores

Charlotte Russe 'Going out of business,' closing all its stores

The clothing chain already closed it's online store.

At the time of the Chapter 11 filing, Charlotte Russe had 500 stores in malls around the country.

A major women's clothing retailer will be closing all of its stores including its St. Cloud location.

The company announced Wednesday evening on their website sales will start Thursday, March 7 at all remaining stores.

When the company filed for bankruptcy last month, the only state that didn't have a Charlotte Russe store was Alaska.

A bankruptcy court on Wednesday approved the sale of the company's merchandise to the liquidation company. Indianapolis locations at the Circle Centre Mall and Castleton Square Mall were spared from the planned closures announced in February, but this week's news means those locations will close.

Charlotte Russe started in San Diego in 1975. Most of the company's employees won't be as fortunate, because severance payments are rarely paid in USA bankruptcy cases. A liquidator won the auction for Charlotte Russe inventory and assets valued at approximately $160 million with a DE bankruptcy court approving the plan to close ALL stores yesterday.

Similar to Toys "R" Us, Charlotte Russe hadn't originally meant to shutter its stores. It also owned 10 stores under the Peek brand, which sold children's apparel.

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