Charlotte Russe To Close 94 Stores, Files Chapter 11 Bankruptcy
Women’s clothing retailer Charlotte Russo will close 94 stores after filing for Chapter 11 bankruptcy.
I’m sure you’ve shopped at Charlotte Russe from time to time, it’s been a while for me personally, but I walk by it in the mall all the time. The company has “suffered from a dramatic decrease in sales and in-store traffic” recently and struggled with “the burden of maintaining a large brick-and-mortar presence”. This is what CNN reported.
Officials said poor sales and debt hurt the company.
The company was last purchased in 2009 by an equity firm in a $380 million cash for stock deal. It also slashed its debt amount from $214 million to $90 million in 2018. But sales also fell from $928 million in 2017 to $795 million in 2018,
The following stores in Florida will be closed:
Florida
Jacksonville: 4870 Big Island Drive
Port Richey: 9409 US Highway 19
Sarasota: 140 University Town Center Drive
West Palm Beach: 1721 Palm Beach Lakes Blvd.
See what other stores will be closing HERE