After 44 years, fast-fashion retailer Charlotte Russe is going out of business and closing all of the company’s remaining 416 store locations. A U.S. Bankruptcy Court judge in Delaware approved an order naming SB360 Capital Partners as agent for the liquidation.
Inventory valued at approximately $160 million will be sold through the stores. The company’s intellectual property and rights to its leases will be sold separately.
Going Out of Business Sales will start immediately in all stores across 44 states and Puerto Rico. Merchandise currently in the stores plus additional product from the distribution center and product originally designated to support the e-commerce platform, will be sold at discounted prices.
The entire store, including tops, bottoms, jeans, jackets, dresses, shoes, and accessories, will be on sale with deep discounts off the lowest ticketed prices. The Going Out of Business Sale is expected to wrap up quickly, with gift cards available for redemption until March 21, 2019.
Aaron Miller, executive vice president of SB360, said “Charlotte Russe established itself over the last four decades as a fashion destination for young women. A sale of this magnitude will bring never-seen-before values to a broad selection of today’s best fashion trends.”
“For the loyal Charlotte Russe shopper as well as all young women across the country, these deals are not to be missed.” said Ziggy Schaffer, executive vice president of SB360. “On-trend fashion offered at liquidation discounts off already affordable prices will sell incredibly fast.”
California-based Charlotte Russe was founded in 1975. Known as a shopping destination for young women seeking trendy apparel, shoes and accessories, sales at Charlotte Russe reached their peak in 2016 at $986 Million.