The shoe section at a Charlotte Russe store. Photo via wikimedia.org
The retail “apocalypse” has claimed another victim.
The website for the women’s fashion chain Charlotte Russe, which has several locations in West Michigan, says it is running a “going-out-of-business sale” and its online store “has closed.”
The San Francisco-based retailer, founded in 1975, will close all 416 of its remaining stores, according to the San Diego Times-Union.
The retailer says it sells “fashion that's trendy, not spendy.”
There are five Charlotte Russe stores in West Michigan, according to the company’s website: at Woodland Mall in Kentwood; The Lakes Mall in Fruitport; RiverTown Crossings in Grandville; The Crossroads in Portage; and also a Charlotte Russe Plus at RiverTown Crossings in Grandville.
A U.S. Bankruptcy Court judge recently approved an order naming SB360 Capital Partners as agent of liquidation, according to information from the agent.
The retailer’s inventory, valued at about $160 million, will be sold through Charlotte Russe stores. The company’s intellectual property and rights to its leases will be sold separately.
Charlotte Russe has not given up on the brand despite the liquidation sale, the San Diego Union-Tribune reports.
“We are partnering with the buyer and remain in talks to sell the IP, are optimistic about the future of the brand and remain in ongoing negotiations with a buyer who has expressed interest in a continued brick-and-mortar presence to continue to serve our loyal customers in the future,” a spokesperson told the San Diego-Union Tribune.