Young women’s clothing store Charlotte Russe is the latest retail casualty of 2019, as the 44-year-old company has filed Chapter 11 bankruptcy.
Of course, the silver lining with any closure is sales — and they’re about to begin.
We’ll get you caught up:
Charlotte Russe closeout sales have begun as of Feb. 7.
That’s according to the court documents Charlotte Russe has filed for their bankruptcy. Even before liquidation, the stores had deep discounts of up to 70% off. Expect similar discounts right away when closeout sales begin.
Charlotte Russe declares they will be closing all 512 stores a month after declaring Chapter 11 bankruptcy.
Charlotte Russe was unable to find a buyer to save the chain. They announced on their website Feb. 6 the online store has closed and all their physical stores will be closed by the end of April.
Gift cards will be accepted until March 21.
Debt and floundering sales led to bankruptcy.
Charlotte Russe says it failed in keeping up with fashion trends fast enough, leading to sales slumps and an increasingly bad financial picture.
They cut their debt by 58% in 2018, but it wasn’t enough to save the company from bankruptcy.