Just a month after filing Chapter 11 bankruptcy protection, retailer Charlotte Russe has announced they will close all stores and the company has officially closed its online store as well. But, those plans fell apart when liquidator SB360 Capital Partners won an auction in bankruptcy court for Charlotte Russe's $160 million worth of inventory, and other assets, according to a CNN report. Two of those stores - one in The Outlet Collection at Riverwalk in New Orleans and another at Fremaux Town Center in Slidell - were already slated to shutter in a round of closures announced in February. A going out of business sale starts Thursday, March 7, at all its remaining stores.
In addition to merchandise now in stores, additional tops, bottoms, jeans, jackets, dresses, shoes and other accessories originally meant to be sold online will be brought to stores from Charlotte Russe's distribution center, SB360 said in a news release. The company has more than 8,700 employees, USA Today reported.
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Charlotte Russe, which also controls Peek children's clothing stores, has more than 500 stores in 49 states and Puerto Rico.