Charlotte Russe to close all remaining stores

Charlotte Russe has announced it will close all 500 of its stores

In a Wednesday court hearing in Wilmington, Delaware a judge approved the sale of Charlotte Russe's assets to SB360 Capital Partners LLC, a liquidation company. Sales kick off Thursday (March 7) at all stores, and will continue over the next two months.

In 2009, Charlotte Russe was acquired by private equity firm Advent International for $380 million.

It maintained more than 500 stores primarily in malls and outlet centers across the U.S., Hawaii and Puerto Rico.

In early February, the clothing retailer announced it voluntarily filed for Chapter 11 bankruptcy.

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Charlotte Russe's plans to find a buyer who would keep it in business fell through when company was unable to secure an offer before the deadline set by its lenders. The company has 664 stores throughout the United States. The company also established Peek Kids in 2016, specializing in children's clothing. A year ago, the company had reworked deals on some debts.

Similar to Toys "R" Us, Charlotte Russe hadn't originally meant to shutter its stores.

Even when retailers are able to emerge from the bankruptcy process, they often struggle and end up shutting down in relatively short order following a second bankruptcy filing.

A notice on the retailer's website reads "Going out of business". Gap, JCPenney, and Victoria's Secret also announced more than 300 store closures last week.

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