Charlotte Russe Files For Bankruptcy And Plans To Close Nearly 100 Stores
Charlotte Russe filed for Chapter11Bankruptcy today. Company officials announced plans to close 94 stores, according to @CNN.
Charlotte Russe is the latest mall-based retailer to file for bankruptcy protection, joining a list that includes Gymboree, Claires and Mattress Firm. In a court filing today, Charlotte Russe, which operates 500 stores in malls around the country, said it “suffered from a dramatic decrease in sales and in-store traffic” and struggled with “the burden of maintaining a large brick-and-mortar presence.”
Hoping to not go the way of stores such as Limited Too and Wet Seal (RIP), Charlotte Russe plans to emerge from bankruptcy with a new owner and a lighter balance sheet.
In an effort to turn things around, the company, plans to save money by closing stores, go back to its “on-trend, fast-fashion model,” and develop more content for online and social media to engage core shoppers.