San Diego-based Charlotte Russe is officially going out of business and closing all stores across 44 states and Puerto Rico.
According to a news release, a U.S. Bankruptcy Court judge approved an order naming SB360 Capital Partners as agents of the liquidation. While the Charlotte Russe website is no longer functioning as an e-commerce site, inventory valued at about $160 million will be sold through the company's 400-plus stores. The Charlotte Russe intellectual property and rights to its leases will be sold separately, the release states.
On Feb. 3, Charlotte Russe filed for Chapter 11 bankruptcy protection, according to another news release. The filing was made in the U.S. Bankruptcy Court for the District of Delaware and the proceedings were to be used to facilitate the closing of approximately 94 stores while pursuing a sale of the business and its assets.
Charlotte Russe was founded in 1975 and catered to young women, selling apparel, shoes and accessories. Sales were at their highest in 2016, at $986 million. Peek Kids, Charlotte Russe’s kids’ clothing stores founded in 2016, will also be closing.
In San Diego County, Charlotte Russe has stores in Grossmont Center, Westfield Mission Valley, Parkway Plaza, Plaza Bonita, Chula Vista Center, Otay Ranch Town Center, Westfield North County, The Shoppes at Carlsbad and Viejas Outlets.
Travel & Hospitality reporter Mariel Concepcion can be reached at email@example.com or 858-634-4625.