Charlotte Russe Will Liquidate, Close All Remaining Stores Over Next 2 Months

Charlotte Russe closing all stores liquidating

A banner on its website said the online store had closed.

Charlotte Russe has three Sacramento-area locations at the Palladio mall in Folsom, the Galleria in Roseville and in the Arden area. Charlotte Russe also received up to $50 million in debt financing to keep the rest of the business operating as it navigates the liquidation process. Other retailers like Family Dollar and Abercrombie & Fitch are closing 800 stores this year.

Charlotte Russe has six stores in Louisiana.

According to the company, sales at all stores begin Thursday. The plan to shut down was approved Wednesday by the bankruptcy court in Delaware. Indianapolis locations at the Circle Centre Mall and Castleton Square Mall were spared from the planned closures announced in February, but this week's news means those locations will close.

Charlotte Russe, which also controls Peek stores, is the latest clothing retailer to suffer a blow from reduced foot traffic in shopping malls and increased competition from online retailers.

Charlotte Russe is going out of business. Most of the company's employees won't be as fortunate, because severance payments are rarely paid in U.S. bankruptcy cases. Payless ShoeSource and clothing retailer Gymboree both have followed that path to recent months.

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