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:
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