Only a month after filing for bankruptcy, the women’s clothing company Charlotte Russe, which has stores in the Ocean County Mall and the Jackson Outlets, has decided to shutter all of its stores. The company’s intellectual property and rights to its leases will be sold separately.
More than 400 stores are closing nationwide and going-out-of-business sales will begin immediately, according to liquidator SB360 Capital Partners LLC. About $160 million in Inventory will be sold through the Charlotte Russe stores. And savvy buyers could see deeply discounted prices on products including tops, bottoms, jeans, jackets, dresses, shoes and accessories. Those with a gift card must use them by March 21.
“Charlotte Russe established itself over the last four decades as a fashion destination for young women,” said Aaron Miller, executive vice president of SB360. “A sale of this magnitude will bring never-seen-before values to a broad selection of today’s best fashion trends.”
Here are the Charlotte Russe stores near us:
- Ocean County Mall, 1201 Hooper Ave., Toms River
- Jackson Outlets, 537 Monmouth Road, Jackson
There’s also one in Monmouth County, at 3710 Route 9, Freehold.
The company, which was founded in 1975, told media outlets in a statement Wednesday it is partnering with a buyer who has expressed interest in keeping physical “brick and mortar” stores.
A federal bankruptcy judge in Delaware signed off on a deal to sell the company’s assets to a liquidator, media outlets reported. Charlotte Russe says liquidation sales begin Thursday and all sales are final. The online store has been closed.
The latest announcement comes after the retailer filed for Chapter 11 bankruptcy protection in early February. Charlotte Russe has about 500 stores across the U.S.
The company also controls Peek, a children’s clothing store. Charlotte Russe is just the latest major retailer to fall in the industry, following major closure announcements by Sears and children’s clothing retailer Gymboree, as retail stores face increasing pressure from e-commerce giant Amazon.
Click here for a full list of stores.
Patch national staffer Dan Hampton contributed to this report.
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