Charlotte Russe Files for Chapter 11 Bankruptcy Protection
Charlotte Russe Holding, Inc. (“Charlotte Russe”), the women’s fashion retailer filed for Chapter 11 bankruptcy protection in the District of Delaware docket #19-10201. The chain operates more than 500 locations, nationally, and is closing about 90 stores in its initial efforts to reorganize under the Bankruptcy Code.
CNN reports that it secured $50 million for initial bankruptcy funding to continue running about 400 Charlotte Russe and Peek Children’s stores for the next few months.
Court pleadings cite that the company plans to liquidate if it cannot find a buyer by February 17, 2019.
The filing comes on the heels of last year’s falling sales – $928 million in 2017 to $795 million in 2018.